p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zgYt4SrMkFPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing primarily in equity securities of companies selected using a proprietary “Must Have Portfoliosup®/sup” framework (described below). The framework reflects more than 40 years of ongoing investment research developed by Keith Fitz-Gerald, one of the portfolio managers of Nicholas Wealth, LLC (the “Sub-Adviser” or “Nicholas Wealth”)./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund’s investment strategy employs a thematic investment process designed to identify companies that the Sub-Adviser believes are well positioned to benefit from long-term structural changes taking place over multi-year and multi-decade time horizons that may reshape economic activity, competitive dynamics, and corporate profitability. The Sub-Adviser seeks to identify companies with durable profit potential that may not be readily captured through conventional sector, industry, market capitalization, or geographic classifications./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="text-decoration: underline"Thematic Investment Framework/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"In selecting investments, the Sub-Adviser employs the Must Have Portfoliosup®/sup proprietary, top-down research and screening framework designed to evaluate cross-sector structural themes and translate those themes into security selection. That is, the Sub-Adviser evaluates companies for alignment with one or more of five structural theme categories (the “5D’s”):/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"iDigitalization: /iA significant structural shift associated with the increasing adoption of digital technologies is influencing how companies operate and compete across industries and is affecting current market conditions. The Sub-Adviser believes that, if this shift continues, it may also affect economic activity and market dynamics over extended periods./span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"iDefense: /iNational security priorities, resilience, and strategic capabilities;/span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"iDiffusion/i: The spread of enabling technologies, resources and information across industries and end markets;/span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"iDistribution:/i Transformation of logistics, delivery networks, payments and channels to market but also critical knowledge, medicine and resources; and/span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"●/span/td td style="text-align: justify"span style="font-size: 10pt"iDislocation:/i Disruptions that reorder supply chains, labor markets, consumer behavior, or competitive positioning./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"Because the Sub-Adviser’s framework emphasizes thematic linkages that can span sectors and industries, the Fund may invest across multiple sectors and industries that the Sub-Adviser determines are, or that appeared poised to become, beneficiaries of, or enablers of, the identified themes./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="text-decoration: underline"Equity Selection Process/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Sub-Adviser generally applies a multi-step process to construct the Fund’s portfolio:/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"1./span/td td style="text-align: justify"span style="font-size: 10pt"iTheme Screening./i The Sub-Adviser screens for companies that, in its view, exhibit meaningful alignment with one or more of the 5D’s./span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"2./span/td td style="text-align: justify"span style="font-size: 10pt"iLinkage Analysis/i (“Connect the Dots”). The Sub-Adviser evaluates thematic linkages and relationships among companies, industries, and profit drivers to identify companies it believes have dynamic and durable pathways to value creation./span/td/tr /table p style="margin-top: 0; margin-bottom: 0" /p table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%" tr style="vertical-align: top" td style="width: 24px" /td td style="width: 24px"span style="font-size: 10pt"3./span/td td style="text-align: justify"span style="font-size: 10pt"iSecurity Selection/i. The Sub-Adviser selects a limited number of securities that it believes offer attractive upside potential and durable return characteristics./span/td/tr /table p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"In selecting portfolio holdings, the Sub-Adviser generally emphasizes companies that it determines exhibit certain attributes, which may include: (i) strong leadership and strategic vision; (ii) products or services the Sub-Adviser views as “must have” rather than “nice to have”; (iii) leading competitive positions (often among the top one or two participants in an industry or category); (iv) identifiable catalysts for value creation; and (v) attractive scalability and return potential. The Fund may emphasize companies with significant exposure to, or expected benefits from, advances in artificial intelligence and related adoption across industries./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Sub-Adviser uses proprietary, systematic signals to inform portfolio management decisions, including return forecasting and its assessment of the relative attractiveness of thematic avenues. These signals generally incorporate factors the Sub-Adviser associates with market liquidity, quality, and price performance./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Sub-Adviser also seeks to manage the Fund’s overall portfolio risk primarily through position sizing (adjusting the dollar amount or weight of each investment in the portfolio) and beta balancing (managing the portfolio’s sensitivity to broad market movements, commonly measured relative to a benchmark). These techniques are used to seek to distribute risk across holdings, including through a risk-parity-oriented approach (an approach that seeks to allocate risk more evenly among investments rather than allocating based solely on capital or conventional diversification/allocation modelling). The Sub-Adviser also seeks to maintain an adaptive framework that may tilt toward relative strength over time (increasing exposure to investments exhibiting comparatively stronger recent performance or other favorable characteristics). There can be no assurance that these methods will be successful./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund generally rebalances its portfolio holdings at least three times per year. Between scheduled rebalances, the Sub-Adviser may adjust positions to reflect changes in the opportunity set, risk considerations, or other portfolio management judgments./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="text-decoration: underline"Portfolio Attributes/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"The Fund’s portfolio will generally consist of 15 to 30 equity securities, although the number of holdings may vary based on market conditions and the Sub-Adviser’s discretion. The Sub-Adviser expects the Fund’s holdings to primarily include large-cap companies, although the Fund may invest in companies of any market capitalization./p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify" /p