Strategy. The Fund is an actively-managed exchange-traded fund (ETF) managed by F/m Investments LLC (the Adviser) that seeks to provide investors with attractive income opportunities while limiting duration and investing in broad array of fixed-income securities. In pursuing the Funds investment strategy, the Adviser employs a top-down macroeconomic approach to optimize duration exposure and sector allocation. Following the top-down analysis, the portfolio undergoes a bottom-up security selection process focused on optimizing yield and risk-adjusted returns. The dynamic, multi-sector Fund will adjust portfolio positioning to capitalize on relative value opportunities as it seeks to deliver consistent income while mitigating downside risk in changing market environments. Under normal market conditions, the Adviser seeks to achieve the Funds investment objective by investing at least … Show more… The Fund is an actively-managed exchange-traded fund (ETF) managed by F/m Investments LLC (the Adviser) that seeks to provide investors with attractive income opportunities while limiting duration and investing in broad array of fixed-income securities. In pursuing the Funds investment strategy, the Adviser employs a top-down macroeconomic approach to optimize duration exposure and sector allocation. Following the top-down analysis, the portfolio undergoes a bottom-up security selection process focused on optimizing yield and risk-adjusted returns. The dynamic, multi-sector Fund will adjust portfolio positioning to capitalize on relative value opportunities as it seeks to deliver consistent income while mitigating downside risk in changing market environments. Under normal market conditions, the Adviser seeks to achieve the Funds investment objective by investing at least 80% of the Funds assets in a diversified portfolio of fixed income securities across asset classes. For purposes of this policy, fixed income securities may include debt securities of governments and government agencies, their agencies and instrumentalities, convertible securities, commercial paper, mortgage-backed or asset-backed securities, preferred stock, non-investment grade obligations, investment-grade corporate bonds, high-yield corporate bonds, securitized debt instruments, municipal and local debt, and cash equivalents. Mortgage-backed securities may include collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS). In addition, the Fund may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis (TBAs). The Adviser allocates the Funds assets based upon its assessment of changing market, political and economic conditions. The Adviser will consider various factors, including evaluation of interest rate changes and credit risks. The Adviser has substantial latitude to invest across broad fixed income markets. The unconstrained investment approach may from time to time lead the Fund to have sizable allocations to particular markets, sectors and industries, and to have a sizable exposure to certain economic factors, such as credit risk or interest rate risk. The Fund typically seeks to maintain an average duration of 3.5 years or less. As of the date of this Prospectus, the Fund is expected to be significantly invested in the financial sector, industrials sector, and utilities sector, which means it will be more affected by the performance of such sectors than a fund that is not so significantly invested. The Fund may invest up to 30% of its net assets in non-investment grade obligations (junk bonds). Non-investment grade obligations are generally rated at least BBB- or lower by S&P or Baa3 by Moody's at the time of purchase or, if unrated, determined by the Adviser to be comparable in quality to the rated obligations. The Fund may invest up to 20% of its net assets in municipal securities issued by states, U.S. territories, and possessions, general obligation securities and revenue securities, including private activity bonds. Municipal securities include municipal bonds, notes, and leases. Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities. The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Funds total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund-eligible investments (collectively, the Underlying Funds) to the extent permitted by applicable law and subject to certain restrictions. The Fund invests in debt securities with a broad range of maturities and the Funds investments may have fixed or variable principal payments. The Fund may also seek to increase its income by lending portfolio securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% for foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. The Fund may seek to manage risk or obtain investment exposure through the use of derivatives, such as futures, forwards, options, swaps (including, among others, interest rate and credit default swaps) and credit derivatives. The Fund may use derivatives to earn income and enhance returns, to manage or adjust the risk and duration exposure profile of the Fund, to replace more traditional direct investments, or to obtain exposure to certain markets. The use of these derivative transactions may allow the Fund to obtain net long or net negative (short) exposures to selected interest rates, durations or credit risks. The Adviser considers various factors, such as availability and cost, in deciding whether, when and to what extent to enter into derivative transactions. The Fund may sell an investment or reduce its position if: ? Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio; ? The investment subsequently fails to meet the investment criteria; ? Changing credit profile and/or conditions result in an unacceptable risk condition; ? A more attractive investment is found; or ? The Adviser believes that the investment has reached its appreciated potential. In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Funds performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure. The Fund has elected and intends to qualify each year for treatment as a regulated investment company (RIC) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the Code). Show less