The Fund is an actively managed exchange-traded fund (“ETF”) and seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by mid-capitalization companies listed on a U.S. exchange (the “80% Policy”). The Fund defines mid-capitalization companies as companies that, at the time of purchase, fall within the mid-sized segment of the U.S. equity market based on market capitalization, which may include companies ranked approximately 200th to 1,000th among publicly traded U.S. companies by market capitalization. As of September 30, 2026, this capitalization range would be approximately $2 billion to $124 billion. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell securities of that company.

The Fund will systematically seek to invest in between 50 to 200 companies. Portfolio candidates are evaluated based on a combination of quantitative and qualitative criteria, including:

Using a machine learning-enabled, multi-factor process, Opal Capital LLC (the “Adviser”) seeks to identify over- and undervalued securities across a broad investment universe. The machine learning-enabled multi-factor process evaluates securities using a broad set of quantitative inputs, including momentum, sentiment, growth, quality and value and generates forward-looking outputs of expected return forecasts for securities within the universe. The Adviser then applies advanced optimization techniques to the output to maximize the portfolio. Advanced optimization techniques refer to the use of quantitative portfolio construction methodologies, including portfolio optimization tools provided by third-party vendors. These tools assist the Adviser in evaluating portfolio trade-offs and constructing portfolios that seek to balance expected return, estimated risk, transaction costs, diversification, and other investment objectives, while taking into account portfolio guidelines and constraints, including limits on individual security, sector, and factor exposures.

By combining multi-factor insights with advanced optimization techniques, the Adviser constructs a portfolio that balances expected return with risk, concentration, and transaction costs, with the goal of achieving attractive risk-adjusted returns while maintaining investment discipline. The Adviser’s risk management protocol is integrated throughout the investment process, including disciplined factor-, sector- and stock-level risk budgeting, in seeking to preserve upside participation while mitigating downside risk. Disciplined factor-, sector-, and stock-level risk budgeting refers to the establishment and ongoing monitoring of portfolio guidelines intended to manage exposures to investment factors, industry sectors, and individual securities. The Adviser generally seeks to maintain these exposures within internally established parameters and may make adjustments over time as market conditions, investment opportunities, portfolio objectives, or client guidelines change.

Equity securities in which the Fund will invest include common stock and preferred stock.

The Adviser has retained Vident Advisory, LLC d/b/a Vident Asset Management (the “Sub-Adviser”), which 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 of the Fund.

The Adviser may sell a security or reduce its position if:

The Fund intends to elect to be, 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”).