Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income and that seeks exposure to the share price of select U.S. listed securities, subject to participation in a portion of potential investment gains. The Funds strategy involves: (i) constructing a portfolio of U.S.-listed equity securities (each, an Underlying Security) (the Equity Strategy) and (2) generating options premiums through an options portfolio (the Options Strategies), which involve using options contracts on Underlying Securities. The Fund will also maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the Underlying Securities in which the Fund will invest. The Underlying Securities primarily include U.S.-listed equity securities of operating … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income and that seeks exposure to the share price of select U.S. listed securities, subject to participation in a portion of potential investment gains. The Funds strategy involves: (i) constructing a portfolio of U.S.-listed equity securities (each, an Underlying Security) (the Equity Strategy) and (2) generating options premiums through an options portfolio (the Options Strategies), which involve using options contracts on Underlying Securities. The Fund will also maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy The Adviser selects the Underlying Securities in which the Fund will invest. The Underlying Securities primarily include U.S.-listed equity securities of operating companies and shares of ETFs. Additionally, they may include other types of U.S. listed exchange-traded products (e.g., closed-end funds and commodity pools). The Adviser selects the Underlying Securities by analyzing, among other things, the levels of implied volatility (a measure of the markets expectation for future price fluctuations) of the Underlying Securitys listed options prices. Implied volatility is integral to the Funds strategy, as it indicates the expected price fluctuations of a security, guiding the Adviser s selection of suitable Underlying Securities. Generally, the Adviser will seek to invest in securities with higher implied volatility. Higher implied volatility typically correlates with increased options premiums. The Adviser also analyzes significant upcoming events related to, where applicable, the issuers of the Underlying Securities (e.g., earnings releases), as well as the trading volumes of such securities and their related options contracts. The Fund is generally unconstrained and therefore, the Underlying Securities can be of any market capitalization size and represent any industry sector. The Adviser selects Underlying Securities based on a frequent and quantitative screening process. This method evaluates various factors such as the implied volatility of the Underlying Security and the trading volume and liquidity of both the Underlying Security and options on the Underlying Security. Furthermore, the Advisers screening process also identifies the industry sectors of potential Underlying Securities as part of its risk management process as described below. The Funds allocation to particular Underlying Securities is primarily driven by implied volatility levels. The Adviser strategically identifies Underlying Securities in periods of likely higher volatility (e.g., ahead of significant events, like earnings releases). The Adviser will typically select between fifteen and thirty Underlying Securities and will implement the Options Strategies on the Underlying Securities. However, when the Adviser deems it appropriate, it may choose as few as five Underlying Securities on which to implement the Options Strategies. The Fund may also invest up to 50% of its net assets in lower-volatility, large-cap equities to seek to provide greater net asset value stability. The Fund will hold short-term U.S. Treasury securities. As part of its risk management process, to seek to lower risk and enhance returns, where possible, the Fund will invest in Underlying Securities, including ETFs and exchange-traded products (ETPs), across various sectors and industries, reducing the impact of sector-specific events. While the Fund intends to have exposure to multiple sectors, it may invest in Underlying Securities attributable to a particular sector in amounts greater than 25% of the Funds total assets when the Adviser s selection process indicates that such sector exposure would be appropriate for the Fund. The Fund will not invest more than 25% of its net assets in any particular industry as that term is used in the 1940 Act. The Fund will, under normal circumstances, invest in Underlying Securities directly. However, from time to time, the Fund may invest in Underlying Securities synthetically for tactical reasons or to comply with regulatory requirements. To invest synthetically, the Fund will use options contracts on Underlying Securities (considered indirect or synthetic long holdings of the Underlying Securities) to gain exposure to the share price performance of the Underlying Securities. The allocation between direct and indirect (synthetic) long holdings varies based on strategic decisions and market conditions as assessed by the Adviser. ? Direct: The Fund may hold Underlying Securities when the Adviser determines a direct hold is more cost-effective. ? Synthetic: To achieve a synthetic long exposure to an Underlying Security, the Fund will buy that Underlying Securitys call options and, simultaneously, sell that Underlying Securitys put options to try to replicate the price movements of owning that Underlying Security. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to six-month terms and strike prices that are approximately equal to the then-current share price of the relevant Underlying Security at the time the options contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with investment exposure equal to approximately 100% of the relevant Underlying Securities for the duration of the applicable options exposure. Options Strategies Seeking Premiums & Growth The Fund seeks to generate options premiums and growth by using Options Strategies on its Underlying Securities. In particular, the Fund will receive options premiums when it writes (sells) an option. By selling options, the Fund earns premiums from buyers who pay for the right to buy or sell the underlying asset at a predetermined price. The amount of premium the Fund receives is influenced by market volatility, as higher volatility (larger price swings) generally results in higher premiums. Therefore, the Adviser analyzes market conditions to determine the timing and type of Options Strategies to employ. By strategically entering and exiting options positions, the Adviser seeks to enhance the Funds potential to generate options premiums. Depending on the Advisers outlook, the Adviser will select one Options Strategy or a combination of Options Strategies that it believes will best generate premiums while generally also attempting to capture some upside appreciation (potential for increase in asset value). The Adviser considers both market conditions and the performance of the Underlying Securities when selecting Options Strategies. In some instances, the aim is to generate additional gains if the Underlying Security increases in value, while, in other cases, the aim is to limit losses if the Underlying Security decreases in value. The Adviser may implement the selected strategy by increasing the Funds exposure to an Underlying Security to seek increased gains or by using hedging techniques to seek to limit the Funds potential losses. Further, depending on the Advisers assessment of one or more of the Underlying Securities options contracts (e.g., they are insufficiently liquid or too costly), the Fund may employ Options Strategies using a substitute ETF, instead of options on the Underlying Securities themselves. These substitute ETFs, while not the Funds current target Underlying Securities, would nonetheless qualify as eligible Underlying Securities under the Funds investment criteria. The Funds use of Options Strategies with ETFs will always be covered (e.g., the Fund may do call or put spreads). The Funds Options Strategies are applied consistently, whether the Underlying Security is held directly or through synthetic exposure, and regardless of whether the Underlying Security is an equity security, an ETF, or another type of ETP. The Fund may be subject to different outcomes depending on the Options Strategies used and the purpose for which they are employed, including seeking additional exposure (leverage) or providing downside protection (hedging). For example, when writing covered calls (selling call options on securities the Fund already owns), the Fund might limit its potential for capital appreciation in exchange for options premiums. Alternatively, using an Options Strategy such as put spread strategy (selling put options while holding the Underlying Security), the Fund can earn options premiums and potentially create additional limited upside leverage. These Options Strategies impact the risk-return profile of the Fund, potentially affecting volatility, options premium generation, upside capture (gain potential), capital preservation (protecting value) and the degree of leverage or hedging embedded in the Funds portfolio. See the prospectus section titled Additional Information About the Fund for examples of the options strategies that the Fund may utilize, together with a description of each options strategy. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Fund for more information about option premiums and ROC. US Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation. Why invest in the Fund? ? The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. ? The Fund seeks to generate cash distributions on a weekly basis, which is not dependent on the value of the Underlying Securities. Funds Distributions The Fund will seek to provide weekly distributions. The Fund will seek to generate such distributions in the following ways: ? The Fund seeks to generate options premiums from engaging in the Options Strategies. ? Investing in short-term U.S. Treasury securities. The income generated by these securities will be influenced by interest rates at the time of investment. The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. ? Dividends, if any, received from its direct investments in the Underlying Securities. The Fund is classified as non-diversified under the 1940 Act. The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. The Fund will employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. Show less