Investment Risks - Swan Enhanced Dividend Income ETF
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Oct. 28, 2026 |
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is
not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.
The
following describes the risks of investing in the Fund.
| ● | Active
Management Risk: The sub-adviser’s judgments about the growth, value or potential
appreciation of an investment may prove to be incorrect or fail to have the intended results,
which could adversely impact the Fund’s performance and cause it to underperform relative
to the Index, or not to achieve its investment goal. |
| ● | Cash
or Cash Equivalents Risk: At any time, the Fund may have investments in cash or cash
equivalents. When a substantial portion of a portfolio is held in cash or 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. There is a risk that the sections
of the market in which the Fund invests will begin to rise or fall rapidly and the Fund will
not be able to sell stocks quickly enough to avoid losses, or reinvest its cash positions
into areas of the advancing market quickly enough to capture the initial returns of changing
market conditions. |
| ● | Company-Specific
Risk: A particular stock may lose value due to factors specific to the company itself,
including deterioration of its fundamental characteristics, an occurrence of adverse events
at the company, or a downturn in its business prospects. |
| ● | Covered
Call Risk: Selling covered call options will limit the Fund’s gain, if any, on
the underlying securities, and the Fund bears the risk of a decline in the value of the underlying
stock until the option expires or is closed out. |
| ● | Dividend
Paying Stock Risk: While the Fund may hold stocks of companies that have historically
paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing
the yield of the Fund. Low priced stocks in the Fund may be more susceptible to this risk.
Past dividend payments are not a guarantee of future dividend payments. Also, the market
return of high dividend yield stocks, in certain market conditions, may perform worse than
other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying
stocks involves the risk that such stocks may fall out of favor with investors and underperform
the market. |
| ● | Early
Close/Trading Halt Risk: An exchange or market may close or impose a market trading halt
or issue trading halts on specific securities, or the ability to buy or sell certain securities
or financial instruments may be restricted, which may prevent the Fund from buying or selling
certain securities or financial instruments. In these circumstances, the Fund may be unable
to rebalance its portfolio, may be unable to accurately price its investments and may incur
substantial trading losses. |
| ● | Equity
Securities Risk: Fluctuations in the value of equity securities held by the Fund will
cause the Net Asset Value (“NAV”) of the Fund and the price of its shares (“Shares”)
to fluctuate. Equity securities of an issuer in the Fund’s portfolio may decline in
price if the issuer fails to make anticipated dividend payments. Common stocks will be subject
to greater dividend risk than preferred stocks or debt instruments of the same issuer. In
addition, the returns of common stocks have experienced significantly more volatility than
the returns of other asset classes. |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and is subject to the special risks,
including: |
| ○ | Not
Individually Redeemable: Shares are not individually redeemable and may be redeemed by
the Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares
to constitute a Creation Unit. Only an Authorized Participant (“AP”) may engage
in creation or redemption transactions directly with the Fund. The Fund has a limited number
of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants).
|
| ○ | Trading
Issues: An active trading market for the Shares may not be developed or maintained. Trading
in Shares on the Exchange may be halted due to market conditions or for reasons that, in
the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market
volatility. |
| ○ | Market
Price Variance: The market prices of Shares fluctuate in response to changes in NAV and
supply and demand for Shares and will include a “bid-ask spread” charged by the
exchange specialists, market makers or other participants that trade the particular security.
There may be times when the market price and the NAV vary significantly. This means that
Shares may trade at a discount to NAV. In stressed market conditions, the market for the
Shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. |
| ● | Large
Capitalization Companies Risk: The value of investments in larger companies may not rise
as much as smaller companies, or larger companies may be unable to respond quickly to competitive
challenges, such as changes in technology and consumer tastes. |
| ● | Limited
History of Operations: The Fund has a limited history of operations for investors to
evaluate. |
| ● | Management
Risk: The sub-adviser’s dependence on its process and judgments about the attractiveness,
value and potential appreciation of particular ETFs and options in which the Fund invests
or writes may prove to be incorrect and may not produce the desired results. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund’s portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, climate
change and climate-related events, pandemics, epidemics, terrorism, international conflicts,
tariffs and trade wars, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years may result in market volatility
and may have long term effects on both the U.S. and global financial markets. |
| ● | Mid-Capitalization
Companies Risk: The earnings and prospects of mid-capitalization sized companies are
more volatile than larger companies and may experience higher failure rates than larger companies.
Mid-capitalization companies normally have a lower trading volume than larger companies,
which may cause their market price to fall more disproportionately than larger companies
in response to selling pressures and may have limited markets, product lines, or financial
resources and lack management experience. |
| ● | Options
Risk: Purchased put options may expire worthless and may have imperfect correlation to
the value of the Fund’s holdings. Written call and put options may limit the Fund’s
participation in equity market gains and may amplify losses in market declines. The Fund’s
losses are potentially large in a written put or call transaction. If unhedged, written calls
expose the Fund to potentially unlimited losses. |
| ● | Sector
Exposure Risk: At times, the Fund may have a significant portion of its assets invested
in securities of companies conducting business in a broadly related group of industries within
an economic sector. Companies in the same economic sector may be similarly affected by economic
or market events, making the Fund more vulnerable to unfavorable developments in that economic
sector than funds that invest more broadly. The more the Fund diversifies its investments,
the more it spreads risk and potentially reduces the risks of loss and volatility. |
| ○ | Technology
Sector Risk: Technology companies face intense competition, both domestically and internationally,
which may have an adverse effect on profit margins. Technology companies may have limited
product lines, markets, financial resources or personnel. The products of technology companies
may face obsolescence due to rapid technological developments and frequent new product introduction,
unpredictable changes in growth rates and competition for the services of qualified personnel.
Companies in the technology sector are heavily dependent on patent and intellectual property
rights. The loss or impairment of these rights may adversely affect the profitability of
these companies |
|
| Active Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk: The sub-adviser’s judgments about the growth, value or potential
appreciation of an investment may prove to be incorrect or fail to have the intended results,
which could adversely impact the Fund’s performance and cause it to underperform relative
to the Index, or not to achieve its investment goal. |
|
| Cash Or Cash Equivalents Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cash
or Cash Equivalents Risk: At any time, the Fund may have investments in cash or cash
equivalents. When a substantial portion of a portfolio is held in cash or 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. There is a risk that the sections
of the market in which the Fund invests will begin to rise or fall rapidly and the Fund will
not be able to sell stocks quickly enough to avoid losses, or reinvest its cash positions
into areas of the advancing market quickly enough to capture the initial returns of changing
market conditions. |
|
| Companyspecific Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Company-Specific
Risk: A particular stock may lose value due to factors specific to the company itself,
including deterioration of its fundamental characteristics, an occurrence of adverse events
at the company, or a downturn in its business prospects. |
|
| Covered Call Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Covered
Call Risk: Selling covered call options will limit the Fund’s gain, if any, on
the underlying securities, and the Fund bears the risk of a decline in the value of the underlying
stock until the option expires or is closed out. |
|
| Dividend Paying Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Dividend
Paying Stock Risk: While the Fund may hold stocks of companies that have historically
paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing
the yield of the Fund. Low priced stocks in the Fund may be more susceptible to this risk.
Past dividend payments are not a guarantee of future dividend payments. Also, the market
return of high dividend yield stocks, in certain market conditions, may perform worse than
other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying
stocks involves the risk that such stocks may fall out of favor with investors and underperform
the market. |
|
| Early Close Trading Halt Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Early
Close/Trading Halt Risk: An exchange or market may close or impose a market trading halt
or issue trading halts on specific securities, or the ability to buy or sell certain securities
or financial instruments may be restricted, which may prevent the Fund from buying or selling
certain securities or financial instruments. In these circumstances, the Fund may be unable
to rebalance its portfolio, may be unable to accurately price its investments and may incur
substantial trading losses. |
|
| Equity Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Securities Risk: Fluctuations in the value of equity securities held by the Fund will
cause the Net Asset Value (“NAV”) of the Fund and the price of its shares (“Shares”)
to fluctuate. Equity securities of an issuer in the Fund’s portfolio may decline in
price if the issuer fails to make anticipated dividend payments. Common stocks will be subject
to greater dividend risk than preferred stocks or debt instruments of the same issuer. In
addition, the returns of common stocks have experienced significantly more volatility than
the returns of other asset classes. |
|
| Etf Structure Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and is subject to the special risks,
including: |
| ○ | Not
Individually Redeemable: Shares are not individually redeemable and may be redeemed by
the Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares
to constitute a Creation Unit. Only an Authorized Participant (“AP”) may engage
in creation or redemption transactions directly with the Fund. The Fund has a limited number
of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants).
|
| ○ | Trading
Issues: An active trading market for the Shares may not be developed or maintained. Trading
in Shares on the Exchange may be halted due to market conditions or for reasons that, in
the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market
volatility. |
| ○ | Market
Price Variance: The market prices of Shares fluctuate in response to changes in NAV and
supply and demand for Shares and will include a “bid-ask spread” charged by the
exchange specialists, market makers or other participants that trade the particular security.
There may be times when the market price and the NAV vary significantly. This means that
Shares may trade at a discount to NAV. In stressed market conditions, the market for the
Shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. |
|
| Not Individually Redeemable [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Not
Individually Redeemable: Shares are not individually redeemable and may be redeemed by
the Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares
to constitute a Creation Unit. Only an Authorized Participant (“AP”) may engage
in creation or redemption transactions directly with the Fund. The Fund has a limited number
of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants).
|
|
| Trading Issues [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Trading
Issues: An active trading market for the Shares may not be developed or maintained. Trading
in Shares on the Exchange may be halted due to market conditions or for reasons that, in
the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market
volatility. |
|
| Market Price Variance [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Market
Price Variance: The market prices of Shares fluctuate in response to changes in NAV and
supply and demand for Shares and will include a “bid-ask spread” charged by the
exchange specialists, market makers or other participants that trade the particular security.
There may be times when the market price and the NAV vary significantly. This means that
Shares may trade at a discount to NAV. In stressed market conditions, the market for the
Shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. |
|
| Large Capitalization Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Companies Risk: The value of investments in larger companies may not rise
as much as smaller companies, or larger companies may be unable to respond quickly to competitive
challenges, such as changes in technology and consumer tastes. |
|
| Limited History Of Operations [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Limited
History of Operations: The Fund has a limited history of operations for investors to
evaluate. |
|
| Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The sub-adviser’s dependence on its process and judgments about the attractiveness,
value and potential appreciation of particular ETFs and options in which the Fund invests
or writes may prove to be incorrect and may not produce the desired results. |
|
| Market And Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund’s portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, climate
change and climate-related events, pandemics, epidemics, terrorism, international conflicts,
tariffs and trade wars, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years may result in market volatility
and may have long term effects on both the U.S. and global financial markets. |
|
| Mid Capitalization Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Mid-Capitalization
Companies Risk: The earnings and prospects of mid-capitalization sized companies are
more volatile than larger companies and may experience higher failure rates than larger companies.
Mid-capitalization companies normally have a lower trading volume than larger companies,
which may cause their market price to fall more disproportionately than larger companies
in response to selling pressures and may have limited markets, product lines, or financial
resources and lack management experience. |
|
| Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: Purchased put options may expire worthless and may have imperfect correlation to
the value of the Fund’s holdings. Written call and put options may limit the Fund’s
participation in equity market gains and may amplify losses in market declines. The Fund’s
losses are potentially large in a written put or call transaction. If unhedged, written calls
expose the Fund to potentially unlimited losses. |
|
| Sector Exposure Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Exposure Risk: At times, the Fund may have a significant portion of its assets invested
in securities of companies conducting business in a broadly related group of industries within
an economic sector. Companies in the same economic sector may be similarly affected by economic
or market events, making the Fund more vulnerable to unfavorable developments in that economic
sector than funds that invest more broadly. The more the Fund diversifies its investments,
the more it spreads risk and potentially reduces the risks of loss and volatility. |
| ○ | Technology
Sector Risk: Technology companies face intense competition, both domestically and internationally,
which may have an adverse effect on profit margins. Technology companies may have limited
product lines, markets, financial resources or personnel. The products of technology companies
may face obsolescence due to rapid technological developments and frequent new product introduction,
unpredictable changes in growth rates and competition for the services of qualified personnel.
Companies in the technology sector are heavily dependent on patent and intellectual property
rights. The loss or impairment of these rights may adversely affect the profitability of
these companies |
|
| Technology Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Technology
Sector Risk: Technology companies face intense competition, both domestically and internationally,
which may have an adverse effect on profit margins. Technology companies may have limited
product lines, markets, financial resources or personnel. The products of technology companies
may face obsolescence due to rapid technological developments and frequent new product introduction,
unpredictable changes in growth rates and competition for the services of qualified personnel.
Companies in the technology sector are heavily dependent on patent and intellectual property
rights. The loss or impairment of these rights may adversely affect the profitability of
these companies |
|