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id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zmwEIWMtgd72" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0200 0.0000 0.0000 0.0007 0.0207 “Other Expenses” are estimated for the current fiscal year. “Acquired Fund Fees and Expenses” are estimated for the current fiscal year and are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange-traded funds. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zwAOk3rFRcle" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 210 649 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zqWVtrvI2VJ" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. <span id="xdx_908_eoef--PortfolioTurnoverRate_pid_dpo_uRatio_c20261020__20261020__dei--LegalEntityAxis__custom--S000109929Member_zNBahN2b9414">No</span> portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.</p> 0 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zicpCsEMFEK" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”) whose investment objective is capital appreciation. The Fund seeks to achieve its investment objective through a systematic, risk-managed, multi-asset investment approach designed to adapt to changing market environments. The Fund utilizes a rules-based framework that dynamically allocates among asset classes based on quantitative assessments of macroeconomic conditions, market trends, and risk characteristics. In implementing this framework, the Fund incorporates signals derived from a third-party’s macro risk management research process, including signals designed to assess prevailing market regimes, macroeconomic conditions, asset-class momentum, volatility-adjusted trends, positioning, and liquidity conditions (the “Third Party’s Signals”). The Third Party is an independent research boutique focused on delivering systematic macro risk management insights to institutional investors, corporations, financial advisors, and sophisticated retail investors. The Third Party is not an investment adviser or sub-adviser to the Fund. The Third Party’s Signals are intended to provide risk management signals and data-driven insights across major asset classes and to support capital allocation decisions in changing macro-market environments. Upon launch, the Fund anticipates investing in equity securities, gold-related investments, and digital asset-related investments but may reduce its holdings entirely in these asset classes and invest in different asset classes including certain equity stocks, certain sectors and industries, certain countries, certain regions, certain currencies, certain cryptocurrencies, certain commodities, the commodities market as a whole, certain U.S. Treasuries and certain bonds, as further explained below, depending on market conditions. The Fund may invest directly in equity and fixed income securities, short-term U.S. Treasury bill exposed ETFs, money market funds, cash or cash equivalents or in other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the “Adviser” or “Twin Oak”). The Fund may also invest in derivatives, including equity and/or ETF options, swaps, futures, forwards and structured notes, to achieve the desired allocation exposure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Traditional asset allocation strategies often maintain relatively static exposure to stocks and bonds regardless of changing economic conditions. The Fund is designed around the view that market environments evolve over time and that asset classes exhibit different risk/return characteristics across different growth, inflation, policy and liquidity regimes. Accordingly, the Fund seeks to actively manage portfolio risk exposure through a disciplined and systematic investment process rather than maintaining fixed allocations under all market conditions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s systematic investment process is intended to reduce the influence of discretionary decision-making and certain behavioral biases in portfolio management. Investment decisions are made pursuant to quantitative models, predetermined risk parameters, and objective market data rather than discretionary market forecasts or subjective judgments. Adjustments to the Fund’s risk exposure are based on the alignment of its quantitative indicators and prevailing market conditions. The Fund’s objective is to deliver superior risk-adjusted returns for a moderate risk investor. The Fund seeks to maximize upside capture during bull markets in the asset classes that it invests in, and it seeks to minimize downside capture during bear markets in the asset classes that it invests in. There can be no assurance that the Fund’s investment models, risk management techniques, or allocation framework will achieve their intended results under all market conditions. The Fund does not track, and is not managed relative to, a traditional benchmark index. As a result, the Fund may experience periods of significant tracking variance relative to traditional passive allocation strategies or market indexes.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is structured as an alternative to the standard portfolio split of 60% allocation to equity securities and 40% allocation to fixed income securities. The Fund currently expects to maintain exposure to 50-70% of equities, 20-40% of gold-related investments, and 0-20% of digital asset-related investments. The Fund’s equity exposure is expected to consist primarily of domestic and international exchange-traded funds (“ETFs”), equity index ETFs, flex options, equity swaps, and other equity-related instruments. Gold exposure is expected to be obtained through investment in physical gold ETFs, gold-related securities, flex options, swaps linked to gold, commodity-linked instruments, or other investment vehicles providing exposure to the gold market. The Fund utilizes gold exposure as an alternative to a fixed income allocation due to the Adviser’s view that gold may be more resilient than bonds as a portfolio diversifier over a wider range of probable outcomes given the market environment. In the future, the Fund may instead incorporate bond exposure through investment in broad fixed income securities and/or ETFs. Digital asset exposure is expected to be obtained through investment in exchange-traded products, flex options, futures-based instruments, and swaps, subject to applicable regulatory limitations and market availability. The Fund considers gold and cryptocurrencies to be neutral, non-sovereign reserve assets that are more suitable as portfolio diversifiers for periods of rising or sustained geopolitical tensions, structurally elevated inflation, large structural fiscal deficits, and/or high risks of financial repression and monetary debasement. The Fund considers bonds to be more suitable as portfolio diversifiers for periods falling or low geopolitical tensions and/or structurally depressed inflation. Under conditions where bonds may be considered, the Fund would invest in a broad range of fixed income securities and/or ETFs.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As market conditions change, portfolio exposures to asset classes may be increased, reduced, or eliminated based on the Fund’s systematic risk management process. The Fund’s allocation framework is designed to respond to both top-down economic regimes and bottom-up market signals. When the Fund’s quantitative indicators identify unfavorable economic regimes and/or market signals for one or more of its particular asset classes, the Fund will reduce exposure to such asset class and increase allocations to other asset classes determined by the Fund’s systematic risk management process to be more favorable in the market conditions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s systematic risk management process incorporates two primary analytical components. First, a top-down risk management overlay evaluates macroeconomic and market regime conditions and establishes target portfolio asset class exposures accordingly. The Third Party’s Signals will be used as part of the Fund’s evaluation of these top-down regime conditions. Second, a bottom-up risk management overlay adjusts position sizing relative to those target asset class exposures using quantitative indicators that incorporate trend, momentum, and volatility characteristics. The Third Party’s Signals will also be considered in assessing position sizing relative to target asset class exposure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Portfolio positioning among asset classes changes incrementally based on the interaction of the Fund’s top-down and bottom-up signals. As a result, the Fund may maintain any level of exposure to any asset classes depending on prevailing market conditions and the output of its systematic risk management process.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is designed to provide investors with a flexible, multi-asset investment approach that seeks participation in favorable market environments while emphasizing risk management during periods of elevated market stress or unfavorable economic conditions. Unlike traditional balanced portfolios that generally remain substantially invested throughout market cycles, the Fund may significantly reduce overall portfolio risk exposure when its systematic indicators warrant a more defensive posture. Depending on market conditions, the Fund may allocate a substantial portion of assets to cash, money market instruments, short term U.S. Treasury securities, or ETFs that provide this exposure. During such periods, the Fund may invest in an affiliated ETF, the Twin Oak Short Horizon Absolute Return ETF (“Short Horizon ETF”), for any purpose. The Short Horizon ETF is actively managed by Twin Oak and seeks to provide a stable return by utilizing defined risk options to generate an absolute return while maintaining a short duration between zero and one year. Defined risk options are options for which the maximum loss for any option during each expiry period is no more than the premium invested to enter the option position.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s discretionary portfolio management will be performed by Park Edge Advisors, LLC (“PEA”). PEA has previously implemented the portfolio for clients in separately managed accounts.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s systematic risk management process will analyze assets in the following asset classes: certain equity stocks (S&amp;P 500, global equities, growth, high beta, low beta, mega cap growth, momentum, quality, value, dividend compounders, mid cap and small cap, and business development companies), certain sectors and industries (communications services, consumer discretionary, consumer staples, energy financials, health care, industrials, information technology materials, real estate, utilities, semiconductors, infrastructure, commodity producers, gold miners and silver miners), certain countries (Australia, Brazil, Canada, China, India, Japan, South Korea, Netherlands, Taiwan and the United Kingdom), certain regions (eurozone, emerging markets and global equities ex-U.S.), certain currencies (Australian dollar, British pound, Canadian dollar, euro, Japanese yen, U.S. dollar), certain cryptocurrencies (bitcoin and ethereum), certain commodities (gold, silver, uranium, crude oil and base metals) and the commodities market as a whole, certain U.S. Treasuries (0-5 year TIPS, 1-3 year Treasuries, 5-10 year TIPS and 5-10 year Treasuries), and certain bonds (long bonds, U.S. aggregate bonds, convertibles, emerging markets local currency bonds, emerging markets U.S. dollar bonds, high yield credit, international aggregate bonds, international bonds, investment grade credit, leveraged loans, mortgage backed securities, and preferreds).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the systematic risk management process determines exposure to certain assets will be beneficial to the Fund, it may utilize indirect investments to gain exposure to the particular assets. These indirect investments may include asset-themed ETFs, flex options, swaps, futures instruments or other asset-related instruments. The Fund will not invest directly in commodities or cryptocurrencies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser has engaged Exchange Traded Concepts, LLC (“ETC” or the “Trading Sub-Adviser”) as the sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A key consideration for portfolio managers is the tax awareness of strategy implementation. For more information, see the section entitled "ADDITIONAL INFORMATION ABOUT THE FUND - Investment Objectives."</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zTdNr26NfnUj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Active Management Risk. </b>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedFundRiskMember_zbO8CbF7juQ5"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, “Underlying Funds”) for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zJv2dRhlOn33"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Allocation Risk. </b>If a Fund’s strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z4z4Zd5aLU2e"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Asset Class Risk.</b> The securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zsaXpyZ9GLl2"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cash and Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash and cash equivalents. When a substantial portion of a portfolio is held in cash and cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zPgj5naJWCIl"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Commodity Risk. </b>Investments linked to commodity futures contracts can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity futures contracts may experience large losses. The value of instruments linked to commodity futures contracts may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity. For example, commodity futures contracts may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments. Trading in natural gas futures contracts (or other financial instruments linked to natural gas) has historically been very volatile and can be expected to be very volatile in the future. High volatility may have an adverse impact on the Fund.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zhO9oKd0WYX4"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Common Stock Risk. </b>Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zY9xzqf7Zrkg"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Counterparty Risk. </b>Some of the derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CryptocurrencyRiskMember_z5uNmR5MqQ9"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cryptocurrency Risk. </b>The fund may invest in Underlying Funds that hold or have exposure to cryptocurrencies and could subject the Fund to crypto asset exposure risk, crypto asset industry risk and crypto asset regulatory risk.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zO3egpJPodLa"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Fund’s investment Sub-Advisers custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser or the Sub-Advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zH8pmJloemMh"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Derivatives Risk. </b>Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See “Leverage Risk” below. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. The primary types of derivatives in which the Fund invests in are swaps and options contracts.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketEventsRiskMember_zJPQtajkZzJ6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Economic and Market Events Risk</b>. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zeg1n3VjNwXf"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Emerging Market Risk.</b> Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets; are subject to greater social, economic and political instability; have less governmental supervision and regulation of securities markets; and have weaker auditing and financial reporting standards. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Further, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (<i>e.g.</i>, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDdxwMd3nnmj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk. </b>Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund and Underlying Funds to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zJTv8kJPkj74"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.”</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.</p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_z0OJZQzmajp6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Fixed Income Securities Risks.</b> Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including:</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Credit Risk.</i></span> Credit risk is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments in that issuer. A credit agency’s rating represents the organization’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings from a credit agency present an inherent conflict of interest, because the agency is paid by the entities whose securities they rate. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances, and a rating may not reflect the fine shadings of risks within a given quality grade.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Liquidity Risk. </i></span>Liquidity risk is the risk that a limited market for a security may make it difficult for that security to be sold at an advantageous time or price, which could prevent the Fund from selling the security at the approximate price that it is valued or the time it desires to sell. Liquidity risk may be magnified during times of instability in the credit markets, rising interest rates, high selling activity, or other circumstances where investor redemptions from fixed income securities may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative to market size. The reduction in dealer inventories could lead to decreased liquidity, increased volatility and wider spreads, which may become exacerbated during periods of economic or political stress. Lower rated securities may be subject to greater levels of liquidity risk. If a fixed income security is downgraded or declines in price, the market demand may be limited, making that security difficult to sell. Additionally, the market for certain fixed-income securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Maturity Risk.</i></span> Longer-term securities generally have greater price fluctuations and are more sensitive to interest rate changes than shorter-term securities. Therefore, the Fund may experience greater price fluctuations when it holds securities with longer maturities.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Other Asset-Backed Securities. </i></span>Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market’s assessment of the quality of the underlying security.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>U.S. Government Securities. </i></span>Some U.S. Government securities, such as U.S. Government agency notes and bonds, are neither insured nor guaranteed by the U.S. Government, meaning they are only supported by the right of the issuer to borrow from the U.S. Government or by the credit of the agency issuing the obligation. If the Fund invests in a U.S. Government security that is not backed by the U.S. Government, there is no assurance that the U.S. Government would provide support, and the Fund’s performance could be adversely impacted if there is a deterioration in the financial condition of the issuer.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingRateSecuritiesRiskMember_zuZRMRVYyeZ9"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Floating Rate Securities Risk. </b> Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed-rate securities of the same maturity. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zA9b5FU8T39l"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Investment Risk. </b>Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social, and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability, and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, the risks of investing in foreign developed countries.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zobO0lrMad62"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Securities Risk. </b>International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less liquidity, less publicly available information, less stringent investor protections, less efficient trading markets, and differences in taxation, legal, auditing and other financial practices and standards. Foreign securities and other foreign investments in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities and other foreign investments in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zmSmne2XnFek"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Futures Risk. </b>The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invest in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do no pay dividends unlike the stocks upon which they are based.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zX9rbbMBVQLd"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>High Yield Securities Risk. </b>High-yield securities or junk bonds are often considered to be speculative and involve greater risk of default or price changes than investment grade fixed-income securities due to changes in the issuer’s or the market’s perception of an issuer’s creditworthiness. The issuers of these securities may not be as financially strong as the issuers of higher rated securities. Prices of lower-rated securities have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. When a security’s rating is reduced below investment grade, it may be more difficult for the Fund to receive income from its investment.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z844EBJIdHaj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Index Related Risk. </b>The systematic risk management process may rely various Indexes that rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause an Index to vary from its normal or expected composition.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationAndDeflationRiskMember_z5KFVtjU88B8"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Inflation and Deflation Risk. </b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s shareholders. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to reverse.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zFFiDvQ3YEo5"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Interest Rate Risk. </b>Interest rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, supply and demand and general economic conditions. The value of the Fund’s shares generally is expected to increase during periods of falling interest rates and to decrease during periods of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer maturities or lower quality ratings. The interest earned on the Fund’s investments in fixed income securities may decline when prevailing interest rates fall. The Fund is also subject to the risk that the income generated by its investments may not keep pace with inflation.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InkindContributionRiskMember_z9zWxoAtGmf8"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>In-Kind Contribution Risk. </b>At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. If one or more of the in-kind contributions fails to qualify for tax-deferred treatment or are made by a corporation who does not electe the special deemed-sale status for the contribution, then the Fund can face negative tax consequences and become liable for additional taxes than it otherwise would have.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInUnderlyingFundsRiskMember_z66n5cAG71W5"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Investment in Underlying Funds Risk. </b>The Fund may seek to obtain certain exposure through investments in Underlying Funds. Investing in other Underlying Funds subjects the Fund to the risks affecting the Underlying Fund. The Fund will incur its pro rata share of the Underlying Fund’s expenses, which will adversely affect the Fund’s performance. Investments in an Underlying Fund that is an ETF, ETP, or other exchange listed product are subject to the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading of the shares.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zV6PMTwQRV26"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Issuer Risk. </b>The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zEvCP6NlmZ67"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Large Capitalization Companies Risk. </b>The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zfAvl0Oc72R5"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Large Shareholder Risk.</b> Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zbDmEptjkUZ"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Leverage Risk. </b>Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLccQbpcPgph"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Liquidity Risk.</b> The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztPC4kbl9JU7"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk. </b>The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4y4LTN2tXVh"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zI2pobGjbknc"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zXjuNMyJj9td"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Model and Data Risk.</b> Like all quantitative analysis, the investment models utilized by the Sub Adviser carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models are usually based on data supplied by third parties, the success of the Adviser’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelPortfolioAndManagementRiskMember_zYRvenwt4gE6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Model Portfolio and Management Risk. </b>PEA relies on various sources of information to assess the criteria of components of the Fund’s strategy, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser nor the Sub Adviser can offer assurances that PEA calculation methodology or sources of information used to formulate the strategy to construct the model portfolio will provide an accurate assessment of included components. The Fund is subject to management risk as an actively-managed investment portfolio. As the Fund’s Sub-Adviser has the discretion to not fully replicate the Model Portfolio, it is subject to the risk that the investment strategy may not produce the intended results. The Sub Adviser’s investment approach may fail to produce the intended results. If the Sub Adviser’s perception of a stock’s value is not realized in the expected time frame, the Fund’s overall performance may suffer.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundsRiskMember_zdjstRbraUOb"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Money Market Funds Risk.</b> Money market funds are subject to management fees and other expenses, and the Fund’s investments in money market funds will cause it to bear proportionately the costs incurred by the money market funds’ operations while simultaneously paying its own management fees and expenses.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewAdviserRiskMember_zVUI7pBByeB9"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>New Adviser Risk. </b>Twin Oak and PEA are newly registered investment advisers and have not had an extensive history of serving as an adviser or sub-adviser to a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and Sub-Adviser and it is possible the Adviser and Sub-Adviser may not achieve the Fund’s intended investment objective.</span></td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zqTq55k4J7a2"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees (the “Board”) of the Trust may determine to liquidate the Fund.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zjohtlsdN0gk"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Non-Diversification Risk. </b>The Fund is a non-diversified investment company, which means that more of the Fund’s assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMXdkXlUpbub"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser and the Sub-Advisers seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zQvN9DWEPSR1"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Options Risk.</b> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zY4jn2DXS4a3"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Options Market Risk.</b> Markets for options may not always operate on a fair and orderly basis. At times, prices for options may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompanyRiskMember_zIobKapfKaaj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Other Investment Company Risk.</b> To the extent the Fund holds shares of other investment companies, including ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments, as well to the other investment companies’ expenses. As a result, shareholders of the Fund will indirectly be subject to the fees and expenses that the Fund shareholders directly bear in connection with the Fund’s own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objective. A passively managed ETF may not replicate the performance of the index it intends to track.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PerformanceDeviationRiskMember_zIrnmsdjLDy6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Performance Deviation Risk</b>. Because of the Sub Adviser’s timing of investing the Fund’s portfolio, there may be risk with respect to correlation of the Fund’s performance with the performance of the model portfolio. The Fund’s portfolio may from time to time deviate from the model portfolio. Further, the timing of cash flows for the Fund, changes in the model portfolio, the weightings of the securities included in the model portfolio in the Fund and the effect of expenses applicable to the Fund which are not applicable to the model portfolio also may cause the Fund’s performance to deviate from the performance of the model portfolio. If the Adviser does not invest the Fund in securities of the model at same time and in the same weights, there may be a deviation in the Fund’s performance.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zTAxFDgA2Nc1"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Regulatory Risk. </b>Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitAndRealEstateRiskMember_zlbxrA3yHhV2"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REIT and Real Estate Risk. </b>The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementRiskMember_zFpoVqeFSCS4"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Reverse Repurchase Agreement Risk. </b>Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Reverse Repurchase agreements are primarily used by the Fund as a short-term investment vehicle for cash positions.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RollingFuturesContractsRiskMember_zzLRNSQ8lFv4"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Rolling Futures Contracts Risk. </b>The Fund will invest in and have exposure to Futures Contracts and is subject to risks related to rolling. Rolling occurs when the Fund closes out of a Futures Contract as it nears expiration and replaces it with a contract that has a later expiration. The Fund does not intend to hold Futures Contracts through expiration but instead intends to “roll” its futures positions. When the market for the Futures Contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher Futures Contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contract is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for the Fund.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z03ejftFGyZ9"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Sector Risk. </b>To the extent the Fund emphasizes investments in particular sectors of the economy, the Fund will be subject to a greater degree of risks particular to those sectors. Market conditions, interest rates, and economic, regulatory, financial or geopolitical developments could significantly affect securities in particular sectors. Depending on the weightings of the Fund’s investments in particular sectors, the Fund may have increased exposure to price movement of securities in those sectors.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Consumer Goods and Services Companies Risk. </i>Consumer goods and services companies face risks related to changes in consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage to brand or reputation, economic slowdown and labor shortages, among other things.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Energy Sector Risk.</i> Because of the Fund’s asset allocation exposure to this sector, the performance of the Fund is tied closely to and affected by developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy infrastructure entities are subject to the risks specific to the industry they serve. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: justify"><i>Industrial Companies Risk.</i> Companies in the industrials sector could be affected by, among other things, government regulation, world events and economic conditions, insurance costs, and labor relations issues.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">o</td><td style="text-align: justify"><span style="font-weight: normal"><i>Metals Sector Risk:</i></span><i> </i>Because the Fund invests in financial instruments that are linked to different types of commodities from the metals sector, the Fund is subject to the risks inherent in the metals sector. Such risks may include, but are not limited to: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; changes in environmental conditions, energy conservation and environmental policies; competition for or depletion of resources; adverse labor relations; political or world events; increased regulatory burdens; changes in exchange rates; imposition of import controls; obsolescence of technologies; and increased competition or new product introductions.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_znZhpLmrq5H6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investment made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortPositionRiskMember_zsAc7gcbHvl3"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Short Position Risk.</b> The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapCompaniesRiskMember_zspkpXpDBUsa"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small and Medium Cap Companies Risk. </b>The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_z89Ebz2RjJSf"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Stock Market Risk. </b> Stock prices in general (or in particular, the types of securities in which the Fund invests) may decline over short or extended periods of time. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StyleRiskMember_ze9hEM0MKT3b"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Style Risk. </b>Quality growth investing focuses on companies that appear attractively priced in light of factors such as the quality of management, sustainability of competitive advantage, or growth potential of cash flow. If the Adviser’s assessment of a company’s quality or intrinsic value or its prospects for exceeding earnings expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, the stocks of quality companies can continue to be undervalued by the market for long periods of time.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zE2il0CH0bRj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Swap Risk.</b> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TreasuryInflationProtectionSecuritiesTIPSRiskMember_zXFQ46yX8co4"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Treasury Inflation-Protection Securities (TIPS) Risk. </b>The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original bond principal upon maturity is guaranteed, the market value of TIPS is not guaranteed, and will fluctuate.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRiskMember_zAJ0fHnNYgze"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Turnover Risk.</b> The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_z32ekz2yoF4g"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Underlying Funds Risk. </b>To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments, as well as to the Underlying Funds’ expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zMz8sMNHPrpg"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>U.S. Government Obligations Risk. </b>The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities may or may not be backed by the full faith and credit of the U.S. government.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zElE87486SJ5"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>U.S. Treasury Market Risk. </b>The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zfp2G1VLQGtj"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change and will vary depending on the information that is available.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zHAVcUvgiTad"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Volatility Risk. </b>The value of securities in the Fund’s portfolio may go down. The Fund’s portfolio will reflect changes in the prices of individual portfolio securities or general changes in securities valuations. Consequently, the Fund’s share price may decline and you could lose money.</td></tr></table> Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zoOV3PsuCiv4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_902_eoef--PerformanceOneYearOrLess_dU_c20261020__20261020__dei--LegalEntityAxis__custom--S000109929Member_ztiBcF7Rymwi">Performance information will be available in the Prospectus once the Fund has at least one calendar year of performance.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_dU_c20261020__20261020__dei--LegalEntityAxis__custom--S000109929Member_zWXraFyrYLVi">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_dU_c20261020__20261020__dei--LegalEntityAxis__custom--S000109929Member_zm1pAFOtXnxe">https://twinoaketfs.com</span>.</p> Performance information will be available in the Prospectus once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. https://twinoaketfs.com “Other Expenses” are estimated for the current fiscal year. “Acquired Fund Fees and Expenses” are estimated for the current fiscal year and are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange-traded funds.