The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in a non-diversified portfolio of equity securities of companies that have a strong track record of paying a rising long-term dividend. These securities will typically, but not always be, companies that the Adviser believes are “recession resistant”, defensive in nature, and at the time of investment, have a strong track record of paying a rising long-term dividend income stream to investors. The Adviser considers a company to be “recession resistant”, if it has the potential to reduce long-term volatility within the Fund, has the potential to provide risk-adjusted returns in excess of its benchmark, and historically generates a long-term rising dividend income stream to investors.

The Adviser’s screening criteria relating to the Fund’s holdings may include, but are not limited to: a consistent and increasing dividend track record; an existing dividend policy that the Adviser deems sustainable for continued increases; moderate to low demand elasticity for the products and services that the business offers; below average volatility in revenue and earnings relative to the broader market; high revenue and earnings visibility, (for example, substantial recurring revenues with high switching costs); and lower sensitivity to fluctuations in the business cycle. Not all screening criteria must be met in order for a security to be included in the Fund.

The Fund will invest mainly in the common stocks of large capitalization U.S. companies, with a focus on dividend-paying stocks that offer the potential for capital growth and also provide current income. The Fund currently defines a large capitalization (large cap) company as one whose market capitalization is at least $5 billion and, at the time of purchase, is within the range of the market capitalizations of companies in the Russell 1000. The Russell 1000 is an unmanaged index that tracks the highest ranking 1,000 stocks of the Russell 3000. The Russell 1000 represents roughly 93% of the total market capitalization of the Russell 3000. The market capitalizations within the Russell 1000Index will vary, but as of June 25, 2025, they ranged from approximately $1.5 billion to $3.8 trillion.

The Fund’s investments will be focused in what the Adviser believes to be, although there is no guarantee, “recession resistant” sectors and sub-sectors of the U.S. economy or operate what the Adviser believes to be a “recession resistant” business model. As of the date of this Prospectus, such sectors currently include communication services, consumer food, consumer staples, healthcare, industrials, information technology, and utilities., The amount of the Fund’s assets invested at any given time in a particular sector will vary based on market conditions. Under certain circumstances, the Fund may be over-weighted in one or more sectors if the Adviser believes that different weightings are appropriate or because of market appreciation. The Adviser may also invest outside of sectors considered to be “recession resistant” if the Adviser deems a business model in a different sector is “recession resistant.”

The Adviser generally uses a top-down approach when deciding sector allocations for the Fund, and a bottom-up approach when deciding the individual companies in which the Fund will invest. The Adviser will evaluate which industries and sectors exhibit favorable characteristics in the current and forecasted economic environments when constructing the portfolio. The Fund’s portfolio components will be reviewed by the Adviser on a case-by-case basis to determine any changes to individual portfolio components and/or weights with the aim of enhancing the value of the Fund’s assets.

When the Adviser, in its sole discretion, determines that a sector is not on a “buy,” the Fund will invest those assets in other types of investments, including cash and cash equivalents.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers than diversified exchange-traded funds.

The Fund’s sub-adviser, Vident Asset Management (the “Sub-Adviser”), will purchase or sell securities to implement the Adviser’s investment selections at a time determined appropriate by the Sub-Adviser and in accordance with, but not necessarily in the identical amounts as provided with the Adviser’s investment selections.