The investment objective of the DFVX is to achieve long-term capital appreciation. The Portfolio is designed to purchase a broad and diverse group of readily marketable securities of U.S. large cap companies that the Advisor determines to have higher profitability and lower relative price as compared to other U.S. large cap companies at the time of purchase.

JDOC will invest primarily in equity securities issued by pharmaceutical, biotechnology, healthcare services, healthcare technology, medical technology and life sciences companies (Healthcare Companies) which the adviser believes are leaders and where the magnitude and/or duration of future growth for these companies is underappreciated by the market. The Fund will invest in common stocks of Healthcare Companies across all market capitalizations, but expects to invest a majority of its assets in mid- and large-capitalization companies. The Fund will invest globally, including in both developed and emerging market countries, although it expects to invest a majority of its Assets in Healthcare Companies located in the U.S.

The investment objective of SRHR is to provide total return. Under normal circumstances, the Fund invests at least 80% of its net assets in Real Estate Investment Trusts (“REITs”) that are publicly traded on domestic stock exchanges. In addition, the Fund strategically implements an option strategy consisting of writing (selling) U.S. exchange-traded covered call options on the REITs in the Fund’s portfolio.

KNGS is the first ever U.S. listed ETF to track the performance of Dividend Monarchs, an elite group of U.S. blue chip companies. The Index’s selection universe is composed of all the securities comprising the S&P Composite 1500 Index. In selecting securities, the Index first screens out all components of the S&P Composite 1500 Index that do not meet certain market capitalization, liquidity or dividend growth thresholds. To be eligible for inclusion in the Index, a security must have a market capitalization of at least $2 billion (although current constituents may remain in the Index so long as they maintain a market capitalization of at least $1.5 billion). Additionally, a security must have an average daily value traded greater than or equal to $5 million for the three months prior to the rebalancing reference date (although current constituents may remain in the Index so long as they maintain an average daily value traded greater than or equal to $4 million for the three months prior to the rebalancing reference date). Lastly, a security must have increased its total dividend per share amount every year for at least 50 consecutive years.

SETH seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P CME Ether Futures Index. The fund seeks daily investment results that correspond, before fees and expenses, to the inverse (-1x) of the daily performance of its underlying benchmark - the S&P CME Ether Futures Index.

DVDN seeks to achieve its investment objective by investing, under normal market circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying companies (i.e., companies that paid a dividend within the last year). DVDN is an actively managed portfolio of publicly listed equities issued by Residential and Commercial Mortgage Real Estate Investment Trusts and Business Development Companies. The Fund’s investment objective is to deliver investors an attractive quarterly dividend while maintaining prospects for capital appreciation.

Under normal market conditions, FFOG invests predominantly in equity securities of companies that the investment manager believes offer compelling growth opportunities. In selecting securities, the investment manager considers many factors, including historical and potential growth in revenues and earnings, assessment of strength and quality of management, and determination of a company’s strategic positioning in its industry. The equity securities in which the Fund invests are predominantly common stock. The Fund may invest in companies of any size, including small and medium capitalization companies. In addition to the Fund’s main investments, the Fund may invest a portion (up to 25%) of its net assets in foreign equity securities, including those located in emerging markets.

BEEZ seeks to provide capital appreciation achieved primarily through investing in responsibly growing companies. The focus of the Honeytree U.S. Equity ETF is responsible growth. We identify companies with long term growth potential based on the strength of their governance and leadership, their commitment to innovation, strong fundamentals, and a strategic focus on making a net positive impact on the world. In addition, the Sub-Adviser integrates environmental, social and governance (“ESG”) considerations equally into its investment process.

LQAI is an actively-managed exchange-traded fund that seeks to achieve its investment objective by utilizing an investment strategy enhanced by the use of artificial intelligence. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S.-listed large capitalization companies. The Fund defines large capitalization companies as companies having a market
capitalization of at least $10 billion at the time of purchase and includes real estate investment trusts. 

MTBA seeks to provide total return, consistent with the preservation of capital and prudent investment management. The fund will invest in mortgage-backed securities (MBS), which provide attractive yields versus comparable U.S. Treasuries while carrying little to no credit risk. MTBA will focus on buying newer MBS, which have provided higher coupons as well as higher yield to maturity compared to the MBS which comprise the Bloomberg U.S. MBS Index.

SHRT is an actively managed ETF consisting of long and short positions chosen from a universe of mid to large U.S. securities. The ETF is targeted to be approximately 100% long and 150% short with 50% net short exposure by taking long positions in securities that we believe are undervalued and short positions that we think are overvalued.

TBG is to generate long-term growth and capital appreciation and sustainable premium income by investing in a concentrated portfolio of publicly-traded companies that are repeatedly growing their dividends. The strategy uses quantitative and qualitative measures to assess dividend sustainability and the likelihood of distribution growth over time.

AVEE invests primarily in a diverse group of small cap companies related to emerging markets across market sectors, industry groups and countries. The fund seeks to invest in securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns, such as securities of larger companies with lower levels of profitability and less attractive value characteristics.

AVMC invests primarily in a diverse group of U.S. mid cap companies across market sectors and industry groups. The fund seeks to invest in securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with higher profitability and value characteristics, as well as smaller market capitalizations relative to others within the fund’s mid cap investment universe. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns, such as securities of larger companies with lower levels of profitability and less attractive value characteristics.

The fund invests primarily in a diverse group of U.S. mid cap companies across market sectors and industry groups. The fund seeks to achieve higher expected returns by selecting securities of companies with higher profitability and value characteristics, as well as smaller market capitalizations relative to others within the fund’s mid cap investment universe. The portfolio managers define “profitability” as adjusted cash from operations to book value ratio (though other ratios may be considered). The portfolio managers may also consider other factors when selecting a security, including industry classification, the past performance of the security relative to other securities, its liquidity, its float, tax, governance or cost considerations, among others.

DFGP seeks to achieve its investment objective by investing in a universe of U.S. and foreign fixed income securities. The Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, including mortgage-backed securities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, money market funds, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. 

DFGX seeks its investment objective by investing primarily in a universe of foreign fixed income securities. The Portfolio may invest in obligations issued or guaranteed by foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, money market funds, and obligations of supranational organizations. At the present time, the Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. However, in the future, the Advisor anticipates investing in issuers located in other countries as well, which may include emerging markets. 

DGCB seeks to maximize total returns primarily from a universe of U.S. and foreign corporate debt securities that mature within twenty years from the date of settlement. In addition, the Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, bank obligations, commercial paper, repurchase agreements, money market funds, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. The Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries.

EMCC seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe MSCI Emerging Markets IMI BuyWrite Index. The Cboe MSCI Emerging Markets IMI BuyWrite Index (BXEMG) measures the total rate of return of a hypothetical “covered call” strategy applied to the MSCI Emerging Markets Investable Market Index (IMI) Net Total Return Index (MIMUEMRN), using a hypothetical long position in the MIMUEMRN and a short position in an at-the-money call option on the iShares Core MSCI Emerging Markets ETF (IEMG) expiring monthly.

FTCB seeks to maximize long-term total return. Under normal market conditions, the Fund seeks to invest 100% of its Investment Portfolio in investment grade securities. Investment grade securities are those securities that are, at the time of purchase, rated as investment grade (i.e., rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (“NRSRO”) rating such securities, or if unrated, debt securities determined by the Fund’s investment advisor to be of comparable quality. The Fund’s Investment Portfolio is composed of securities issued by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities; Treasury Inflation Protected Securities (“TIPS”); residential and commercial mortgage-backed securities; asset-backed securities; U.S. corporate bonds; fixed income securities issued by non-U.S. corporations and governments, including sovereign debt securities and issuers with significant ties to emerging market countries; municipal bonds; and collateralized loan obligations (“CLOs”).

BWTG seeks to achieve its investment objective by investing, under normal market circumstances, a substantial portion of its assets in publicly listed equity securities included in a Model Portfolio “TopGun Companies” provided by the Fund’s investment sub-adviser. The Model was developed by Brendan Wood International, an affiliate of the Fund’s investment sub-adviser (“Brendan Wood” or the “Sub-Adviser”). Construction of the Model begins with the identification of approximately 1,400 companies composing the Brendan Wood “Shareholder Conviction Universe”, which are generally stocks of liquid large and mid-capitalization companies (with market capitalizations of $2 billion or greater) that trade on a national exchange in the United States, including American Depositary Receipts (“ADRs”).
 

JSI pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securitized securities. Securitized securities are debt securities that entitle their holders to payments that depend primarily on the assets underlying the securities, and include, but are not limited to, asset-backed securities (“ABS”), collateralized loan obligations (“CLOs”), agency and non-agency mortgage-backed securities (“MBS”), and collateralized mortgage obligations (“CMOs”).

DYNI seeks capital appreciation through exposure to technology and innovation ETFs while maintaining the ability to rotate into defensive equity ETFs. Using robust and empirically-validated academic principles for navigating volatile asset classes, DYNI seeks to position investors ahead of the innovation curve.

ARKA is an actively managed exchange-traded fund (ETF) that targets 100% exposure to bitcoin (BTC) through investment in bitcoin futures contracts. ARKA aims to outperform BTC by actively rolling its futures contracts. The Fund’s objective is capital appreciation. ARKA aims to optimize performance through actively managed exposure to standard bitcoin futures contracts. The Fund aims to optimize performance by selectively rolling its futures contracts. 

ARKZ is an actively managed exchange-traded fund (ETF) that targets 100% exposure to ether (ETH), through investing in ether futures contracts. ARKZ aims to outperform ETH by actively rolling its futures contracts.

QLTY seeks to generate total return by investing in U.S. equities the Focused Equity team believes to be of high quality. The GMO U.S. Quality ETF’s disciplined approach uses both quantitative and fundamental techniques to assess the relative quality and valuation of U.S.-domiciled companies and aims to exploit a long-term investment horizon while withstanding short-term volatility in an actively managed ETF format.

SPQ seeks to achieve long-term capital appreciation by overlaying a diversified basket of Quantitative Investment Strategies (QIS) on top of a core US equity exposure. The goal of the 100% equity + 50% QIS portfolio is to enhance both absolute and risk-adjusted returns of a core equity investment. The fund is also a simple way to gain exposure to an alternative return source without reducing equity exposure.

ARKC is an actively managed exchange-traded fund (ETF) that invests in bitcoin futures contracts and cash equivalents, and optimizes performance relative to the price of bitcoin by relying on traditional quantitative and onchain valuation models. The Fund’s objective is capital appreciation. ARKC aims to optimize performance relative to the price of bitcoin through actively managed allocations to bitcoin futures and cash equivalents. Strategic allocations are informed by both traditional quantitative models and onchain valuation models to determine prevailing trends for bitcoin (bearish or bullish), which inform strategic allocations. 

ARKD is one of the first actively managed exchange-traded funds (ETF) that invests in both bitcoin futures and public equities of companies engaged in the blockchain industry and/or digital economy, providing holistic exposure to the growth of blockchain technology. ARKD focuses on a concentrated, high-conviction portfolio of equities through a proprietary valuation model.

ARKY is an actively managed exchange-traded fund (ETF) invested in both bitcoin and ether futures contracts. ARKY leverages dynamic allocation, informed by historical pricing relationships and fundamental analysis, to outperform holding bitcoin over a market cycle.