Strategy. The Fund will seek to invest in the equity securities of small-capitalization, mid-capitalization, and large-capitalization domestic and foreign companies that WBI Investments, LLC, the sub-advisor ( Sub-Advisor ) to the Fund, and an affiliate of Millington Securities, LLC, the advisor ( Advisor ), believes display attractive prospects for growth in a companys intrinsic value, and in other tactical investment opportunities. These securities will be selected on the basis of the Sub-Advisors investment process which includes a buy and sell discipline. The Funds buy discipline is primarily driven by the Sub-Advisors proprietary selection process ( Selection Process ), as described further below. Cash and cash equivalents are some of the investment opportunities evaluated by the Selection Process. From time to time, … Show more… The Fund will seek to invest in the equity securities of small-capitalization, mid-capitalization, and large-capitalization domestic and foreign companies that WBI Investments, LLC, the sub-advisor ( Sub-Advisor ) to the Fund, and an affiliate of Millington Securities, LLC, the advisor ( Advisor ), believes display attractive prospects for growth in a companys intrinsic value, and in other tactical investment opportunities. These securities will be selected on the basis of the Sub-Advisors investment process which includes a buy and sell discipline. The Funds buy discipline is primarily driven by the Sub-Advisors proprietary selection process ( Selection Process ), as described further below. Cash and cash equivalents are some of the investment opportunities evaluated by the Selection Process. From time to time, the Fund may invest in and hold a significant percentage of its net assets in cash or cash equivalents as part of the normal operation of its investment strategy. Large-capitalization companies are those that have higher market capitalization than small- and mid-capitalization companies in their primary market when ranked in order of market capital. For publicly traded U.S. companies in the current environment, this would include companies with market capitalizations of greater than approximately $10 billion. Conversely, small-capitalization and mid-capitalization companies are those that have lower market capitalization than large-capitalization companies in their primary market. For publicly-traded U.S. companies in the current environment, this would include companies with market capitalizations of less than approximately $10 billion. Each of large-, small- and mid-capitalization companies in non-U.S. markets may have capitalizations that differ from this U.S. Dollar equivalent amount because of the wide variation in the range of market capitalizations of companies available for investment in those markets. The types of equity securities in which the Fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles, exchange-traded funds ( ETFs ), real estate investment trusts ( REITs ) and master limited partnerships (businesses organized as partnerships which trade on public exchanges) ( MLPs ). The types of debt securities in which the Fund will generally invest (or through which it will seek debt exposure) include fixed, floating, and variable rate corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign debt securities, U.S. Government agency securities, high-yield bonds (also known as junk bonds), ETFs, and exchange-traded notes ( ETNs ). An ETN is an unsecured debt security that trades on an established exchange. Its underlying value is determined by reference to an index, commodity, interest rate, or other objectively determined reference. The Fund expects to invest in debt securities of all maturities, from less than one year up to thirty years, depending on the portfolio managers assessment of the risks and opportunities along the yield curve. (The yield curve refers to differences in yield among debt assets of varying maturities). The Fund may invest in domestic and foreign debt securities, ETFs, ETNs, and/or in option strategies to enhance the Funds returns or to mitigate risk and volatility. Equity option strategies used by the Fund for individual securities include writing (selling) covered calls, buying calls or puts, and using combinations of calls and puts. The Fund may also use options on indices. The Fund may invest without limitation in securities of small-capitalization, mid-capitalization, and large-capitalization foreign issuers, and may invest up to 50% of its net assets in the securities of issuers in emerging markets. The Fund may invest up to 20% of its net assets in high-yield bonds. The Fund may also invest in other investment companies, including other ETFs, up to the limits specified in the Investment Company Act of 1940 ( 1940 Act ) or in reliance on exemptions therefrom. Although the Fund is limited as to the percentage of its net assets that may be directly invested in certain asset classes, the Fund may obtain investment exposure to such asset classes in excess of such limits by investing indirectly in such asset classes through other investment companies, including other ETFs with exposure to such asset classes. Consequently, investments in such pooled investment vehicles may result in aggregate direct and indirect investment exposure to an asset class in excess of the limit up to which the applicable Fund may invest directly in such assets. The investment process used for the Fund attempts to provide consistent, attractive returns net of expenses with potentially less volatility and risk to capital than traditional approaches, whatever market conditions may be. This is the Funds definition of an absolute return approach to investment management, and such an approach is used (in part) to achieve the Funds investment objective. The Sub-Advisor uses quantitative computer screening of fundamental information to evaluate securities in an attempt to find companies and investment opportunities with attractive yield characteristics. The quality or consistency of dividend or interest payments is generally considered as part of the evaluation process. Once securities are identified, an overlay of technical analysis may be used to confirm timeliness of security purchases. The Sub-Advisor also attempts to identify the appropriate duration and credit quality of any exposure to debt securities. Duration is a measure of a fixed income securitys expected price sensitivity to changes in interest rates. Credit quality is a measure of a borrowers creditworthiness or risk of default. A portion of the Funds exposure may also be invested to pursue perceived tactical opportunities in varying segments of the equity or debt markets. The Sub-Advisor then purchases qualifying securities using available cash. This systematic process of identifying, evaluating, and purchasing securities constitutes the Sub-Advisors buy discipline for the Fund. Once securities are purchased, the Sub-Advisor maintains a sell discipline that attempts to control the effects of the volatility of each Fund asset on the Funds NAV. This sell discipline, together with the buy discipline, constitutes the Funds strategy to achieve its investment objective. If a Fund assets price stays within a range of acceptable prices, the Fund asset will continue to be held. If a Fund assets price falls below the bottom of an acceptable price range, the Fund asset will be identified to sell. This results in a responsive process that actively adjusts the Funds allocation by causing it to become more fully invested or, by raising cash to protect capital. During periods of high market volatility, a significant amount of Fund holdings may be sold, resulting in a significant allocation to cash or cash equivalents in the Fund. The Fund is an actively managed ETF. The Sub-Advisor actively manages the Funds portfolio. As a result, the portfolio turnover rate for the Fund will be high. The Sub-Advisor expects that the Funds investment strategy will result in a portfolio turnover rate in excess of 500% on an annual basis. For additional information about the Funds principal investment strategies and the investment process, see Description of the Principal Strategies of the Funds. Show less