p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zyWnW085fk1D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"The Fund is an actively-managed exchange-traded fund (“ETF”) that principally invests in common stocks of U.S. companies, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), American Depositary Receipts (“ADRs”), shares of other investment companies, including ETFs, exchange-traded products (“ETPs”) and closed-end funds, and shares of business development companies (“BDCs”). The Fund seeks to achieve its objective by investing principally in a portfolio of approximately 20–50 such assets with a focus on buying and holding the assets for as long as their technical characteristics warrant while seeking to limit losses in periods of market decline by allocating additional Fund assets to defensive alternatives, such as treasury ETFs, gold ETPs or cash. Catalysts for a more defensive posture would include a deterioration to the technical attributes for the market as a whole, including such inputs as downside moving average crosses, changes to trend following and momentum tools, an expansion in individual securities trading to new lows (each as described /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"below), and the emergence of a relative outperformance from traditionally defensive assets like treasuries or gold. /p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"The Adviser uses a macro momentum approach in implementing its investment strategy. “Macro” is a “top-down” analysis approach in investing that focuses on the inputs that are generally out of a company’s control, such as the overall economy, government fiscal and monetary policy changes, cultural and socioeconomic developments or trends, and developments arising from global crises including pandemics, wars, or financial distress. “Momentum” is a security’s tendency to show upward or downward price trend in both its absolute and relative performance in the intermediate 3- to 12- month period. /p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"Momentum tools such as absolute and relative rate of change, new highs/lows, moving average crosses, and technical studies like the Relative Strength Index (“RSI”) and the Moving Average Convergence/Divergence indicator (“MACD”) are used to identify securities in this regard. Absolute rate of change measures a security’s price performance over a set number of days. High rates of change reflect positive price momentum, while low rates of change reflect negative price momentum. A relative rate of change is a security’s price momentum relative to a benchmark index or a peer group. A new high or low is the highest or lowest closing price for a security over a set number of days. A moving average refers to the average price of a security over a specified time period. Upward sloping moving averages generally reflect an uptrend in the security’s price, while downward sloping moving averages generally reflect a downtrend in the security’s price. When the shorter-term average (e.g., 50 days) crosses above or below the longer-term moving average (e.g., 200 days), a positive or negative trend signal is noted. The RSI measures the speed and change of price movements of a security over a set time period. The MACD shows the relationship between two exponential moving averages of a security’s price and is used to help identify price trends, measure momentum, and identify entry points for buying or selling securities. /p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"The Adviser employs a suite of proprietary macro, technical, and behavioral inputs to improve individual security selection and portfolio characteristics to provide a tactical and macro momentum driven approach. Trend following, an investment approach that makes decisions to buy, sell, or hold a security based on the underlying security’s price characteristics, and momentum inputs, including new highs/lows, moving average crosses, RSI, MACD, and proprietary momentum ranks, are all utilized in the security selection process. /p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"The Fund may invest in securities of companies with any market capitalization, though certain liquidity parameters are required for a security /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"to be considered. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. The Fund’s sector exposures will likely change over time, as macroeconomic, market, sector and company-specific conditions change. /p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" /p p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"The Adviser has engaged Vident Asset Management to serve as sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. /p