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The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 2023-09-30 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 30, 202<span style="-keep: true">3</span>. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 98 98 383 383 689 689 1559 1559 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">  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.  For the fiscal year ended May 31, 2022, the Fund’s portfolio turnover rate was <span style="-keep: true">64.04</span>% of the average value of its portfolio.</div> Portfolio Turnover. 0.6404 Principal Investment Strategies <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of capital appreciation by principally investing in domestic common stocks that the Advisor believes to have above-average growth potential relative to their peers. The Advisor uses a proprietary screening system that incorporates quantitative and fundamental analysis in order to construct the Fund’s portfolio.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund invests principally in domestic common stocks and is not limited in its investments by market capitalization.  The Fund invests in other investment companies, including mutual funds and exchange traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”).</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor utilizes a screening and selection process to build a portfolio of quality domestic growth stocks, which includes a select group of growth stocks that the Advisor believes have the potential for revenue growth rates higher than their peers.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">First, the Advisor employs quantitative analysis of individual stock metrics in order to select stocks with quality and/or growth characteristics.  Quality metrics include earnings variability, return on equity, and debt to equity ratio.  Growth metrics include revenue growth rates and companies with above average earnings growth.  Second, the Advisor will select approximately 40-50 stocks from this universe with an emphasis on companies that the Advisor believes may have a competitive advantage (such as strong products in industries with high barriers to entry), sustainable earnings growth rates, growth of free cash flow, and/or potential for a high return on capital.  This selection of holdings is constructed to diversify across sectors and industries where current opportunities are viewed as favorable.  The portfolio is generally equally weighted based on the security’s market value.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund may employ a risk management strategy intended to manage the volatility of the Fund’s returns and reduce the overall risk of investing in the Fund. The risk management strategy monitors technical and volatility metrics to gauge periods where there is potential for higher equity market risk. When periods of equity downside are more likely, the risk management strategy will reduce equity exposure. When employing this risk management strategy, the Fund may allocate a significant percentage of its assets to cash and cash equivalents.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor may sell a portfolio security when its reward/risk measures weaken, the fundamentals of the stock change, to pursue opportunities that the Advisor believes will be of greater benefit to the Fund, or to rebalance the Fund’s portfolio. The Advisor’s evaluation of reward/risk measures are based on a quarterly screen of price momentum and sector analysis relative to other equity securities. The Advisor’s evaluation of changes in fundamentals includes a review of price earnings ratios, earnings growth, revenue growth and leverage ratios. As a result of its strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transactions costs and higher taxes. Portfolio turnover will not be a limiting factor in making investment decisions.</div> Principal Risks of Investing in the Fund <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund.  Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.  There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund will be subject to the following principal risks:</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Common Stock Risk.  </span>The Fund’s investments in shares of common stock, both directly and indirectly through the Fund’s investment in shares of other investment companies, may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes.  Such price fluctuations subject the Fund to potential losses.  Common stock generally is subordinate to preferred stock and debt securities with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing company.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk.</span> The Portfolio Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Equity Securities Risk.  </span>Investments by the Portfolio Funds in equity securities may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of ETFs in the Fund’s portfolio.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cash and Cash Equivalents Risk</span>. At any time, the Fund may have significant 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.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Managed Volatility Risk</span>. Techniques used by Advisor to manage the volatility of the Fund’s investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund’s participation in market gains, particularly during periods where market values are increasing but market volatility is high. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains. They also may not be successful as the techniques are subject to the Advisor’s ability to correctly analyze and implement the volatility management techniques in a timely manner.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.  </span>Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses.  The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Large-Cap Securities Risk.  </span>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.  Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Portfolio Turnover Risk.  </span>The Advisor will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.  High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.  Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Quantitative Risk.  </span>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Small-Cap and Mid-Cap Securities Risk. </span>The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involve greater volatility than investing in larger and more established companies.  Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.  Securities of these types of companies have limited market liquidity, and their prices may be more volatile.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. The outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3701fb9db9734786963725afdbdd595b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at<span style="-keep: true"> net asset value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z94f3efe691224a45bb8599cb2ec7ff97" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<span style="-keep: true"> Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Fund’s shares and the value of the shares, which would be reflected in a wider bid-ask spread.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0d6f103f99774ed8a50ddffeba75dc89" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z617b2c6964184ce788784689792604ea" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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.<span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares.</span> There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true"> and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za14cad3f6fd1444db157527cd9c7ddfa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the  <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z22f71fe8d27641d68bfd07cd3d99c0c5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zc30746789c284a0f966027d7f82868a1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the Shares may deviate from the Fund’s net asset value, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the Fund’s net asset value, which is reflected in the bid and ask price for Shares or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zab23c74b022f4e34a2ffd408ecb6c9f4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z313659c4ce7141b195b2432134d3300b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt; font-weight: bold;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compare to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Fundamental Growth Fund, a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on November 5, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for Shares. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. Prior to July 31, 2015, the Fund had a different investment advisor. The Fund changed its investment strategy effective September 7, 2020<span style="-keep: true">, and October 1, 2022</span>. The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The performance information set forth below reflects the historical performance of the Predecessor Fund’s Institutional Class shares. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.<span style="-keep: true"> </span>Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/AQGX</span>.</div> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compare to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/AQGX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">During the periods shown in the bar chart above, the Fund’s highest quarterly return was 25.47% (quarter ended June 30, 2020), and the Fund’s lowest quarterly return was <span style="-keep: true">-</span>25.65% (quarter ended December 31, 2018).  The Fund’s year-to-date return as of June 30, 202<span style="-keep: true">2</span>, was <span style="-keep: true">-30.22</span>%.</div> highest quarterly return 0.2547 2020-06-30 lowest quarterly return -0.2565 2018-12-31 year-to-date return 2022-06-30 -0.3022 Average Annual Total Returns Periods Ended December 31, 2021 2013-10-17 Before taxes 0.2275 0.1512 0.1132 After taxes on distributions 0.1913 0.1326 0.1021 After taxes on distributions and sale of shares 0.1593 0.1179 0.0904 Morningstar Moderate Aggressive Target Risk TR Index     (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.1416 0.1201 0.0921 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="line-height: 11.4pt;"><br/></span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). ADAPTIVE ALPHA OPPORTUNITIES ETF INVESTMENT OBJECTIVES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 10pt;">The <span style="font-weight: bold;">Adaptive Alpha Opportunities ETF </span>(the “Fund”) seeks capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <span style="font-weight: bold;">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</span>.</div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.01 0.0018 0.0045 0.0163 “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements , which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 7.2pt;">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 redeem (or you hold) all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 166 166 514 514 887 887 1933 1933 <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">  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 <span style="-keep: true">Shares</span> 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.  For the fiscal year ended May 31, 202<span style="-keep: true">2</span>, the Fund’s portfolio turnover rate was <span style="-keep: true">25.74</span>% of the average value of its portfolio.</div> Portfolio Turnover. 0.2574 PRINCIPAL INVESTMENT STRATEGIES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Fund’s portfolio manager seeks to achieve the Fund’s investment objective of capital appreciation by investing in exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”) that invest in equity securities of any market capitalization of issuers from a number of countries throughout the world, including emerging market countries. In addition to its indirect investments, the Fund may also invest in individual large cap equities, fixed income securities, and cash and cash equivalents directly. The Fund is considered “diversified” under the 1940 Act.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The strategy primarily utilizes ETFs and equities but may also use fixed income securities to diversify the Fund’s asset classes. The Manager uses a top-down approach to identify sectors that the manager believes will produce strong performance relative to the overall market and makes investments to capitalize on these market predictions. Top-down investing is an investment analysis approach that involves looking first at the macro picture of the economy, and then looking at the smaller factors in finer detail. After looking at the big-picture conditions around the world, the manager then examines the general market conditions followed by particular industry sectors to select those sectors that it predicts will outperform the market. When the manager deems it appropriate to position the portfolio defensively, this strategy considers cash to be an asset class and will allocate a significant percentage to direct investments in cash and cash equivalents. The fixed income securities in which the Fund will invest will be investment grade and may be of any duration or maturity.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Portfolio Funds will not be limited in their investments by market capitalization or sector criteria, and may invest in foreign securities, including foreign securities in emerging markets. The Portfolio Funds in which the Fund invests will have investment objectives similar to the Fund’s or will otherwise hold permitted investments under the Fund’s investment policies.  Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees. The portfolio manager will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced due to increases or decreases in the Fund’s net assets. As a result of its strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transactions costs and higher taxes. Portfolio turnover will not be a limiting factor in making investment decisions.</div> PRINCIPAL RISKS OF INVESTING IN THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund.  Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund will be subject to the following principal risks:</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Common Stock Risk.  </span>Investments in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund or Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.  Such price fluctuations subject the Fund to potential losses.  During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk.</span> The Portfolio Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Equity Securities Risk.  </span>Investments in equity securities may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fixed Income Risk.</span>  When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Interest rates are currently at historical lows, which may impact the Fund’s risk profile. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of the ETFs in its portfolio.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.  </span>Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses.  The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cash and Cash Equivalents Risk. </span>At any time, the Fund may have significant 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.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Foreign Securities and Emerging Markets Risk. </span>Foreign securities have investment risks different from those associated with domestic securities. The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The portfolio manager’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Sub-Advisor’s decisions relating to the Fund’s duration will also affect the Fund’s yield, and in unusual circumstances will affect its share price. To the extent that the Sub-Advisor anticipates interest rates imprecisely, the Fund’s yield at times could lag those of other similarly managed funds.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Large-Cap Securities Risk.  </span>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.  Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span>  The portfolio manager will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.  High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.  Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Quantitative Model Risk. </span>Portfolio Funds or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Small-Cap and Mid-Cap Securities Risk.</span>  Investments in securities of small-cap and mid-cap companies involves greater volatility than investing in larger and more established companies.  Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.  Securities of these types of companies have limited market liquidity, and their prices may be more volatile.  You should expect that the value of the Portfolio Fund’s shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. <span style="-keep: true">The </span>outbreak of <span style="-keep: true">an </span>infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3183aaae1d0e4090a372eb441e730eac" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at <span style="-keep: true">net asset value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0667bea3e7eb46fab62e647f210497a1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. An active trading market for the <span style="-keep: true">Shares</span> may not be developed or maintained. Trading in <span style="-keep: true">S</span>hares 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the <span style="-keep: true">Shares</span> are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the <span style="-keep: true">Shares. Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Fund’s shares and the value of the shares, which would be reflected in a wider bid-ask spread.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z880384babd5c43b88cf804da182ee3f0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z8356943911d147ab8f6ba9a394615cc1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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. <span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares. </span>There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true"> and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zb49ab2e577f24168a800624083249917" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of <span style="-keep: true">Shares</span> and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7f2b685fe63f4166aaf848856b8190d1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the <span style="-keep: true">Shares</span>, which can lead to differences between the market value of <span style="-keep: true">Shares</span> and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z13ff31eef7e749d1a72136392f2f0b3d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the <span style="-keep: true">Shares</span> may deviate from the <span style="-keep: true">NAV</span>, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for <span style="-keep: true">Shares</span> than the <span style="-keep: true">NAV</span>, which is reflected in the bid and ask price for <span style="-keep: true">Shares</span> or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z8bb6499c836f4a16b226592478a0f12a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the <span style="-keep: true">Shares</span> is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the <span style="-keep: true">Shares</span> and the <span style="-keep: true">NAV, and the bid-ask spread could widen</span>.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z8652f440f4ed43269c80528473128a50" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the <span style="-keep: true">Shares</span> may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the <span style="-keep: true">Shares</span> may, in turn, lead to differences between the market value of the <span style="-keep: true">Shares</span> and the <span style="-keep: true">NAV, and the bid-ask spread could widen</span>.</div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE INFORMATION <div style="text-align: justify; line-height: 11.4pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns for the Fund compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Growth Opportunities Fund, a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on May 7, 2021.  In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund shares<span style="font-style: italic;">.</span> Prior to July 31, 2015, the Fund had a different investment advisor. The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/AGOX</span>.</div> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns for the Fund compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/AGOX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">During the periods shown in the bar chart above the Fund’s highest quarterly return was 27.40% (quarter ended June 30, 2020) and lowest quarterly return was -15.95% (quarter ended March 31, 2020.  The Fund’s year-to-date return as of June 30, 202<span style="-keep: true">2</span>, was <span style="-keep: true">20.13</span>%.</div> highest quarterly return 0.274 2020-06-30 lowest quarterly return -0.1595 2020-03-31 year-to-date return 2022-06-30 0.2013 Average Annual Total Returns Periods Ended December 31, 2021 2012-09-20 2012-09-20 Before taxes 0.1492 0.1793 0.1334 After taxes on distributions 0.127 0.1667 0.1248 After taxes on distributions and sale of shares 0.0944 0.1402 0.1075 Morningstar Moderate Aggressive Target Risk TR Index (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.1416 0.1201 0.0996 <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold <span style="-keep: true">Shares</span> through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). ADAPTIVE HIGH INCOME ETF INVESTMENT OBJECTIVES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The <span style="font-weight: bold;">Adaptive High Income ETF</span> (the “Fund”) seeks to achieve current income and real return.</div> FEES AND EXPENSES OF THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0048 0.0008 0.0111 -0.0043 0.0068 Restated to reflect current contractual fees. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements , which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 2023-09-30 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 30, 202<span style="-keep: true">3</span>. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 69 69 310 310 570 570 1313 1313 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">  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.  For the fiscal year ended May 31, 202<span style="-keep: true">2</span>, the Fund’s portfolio turnover rate was <span style="-keep: true">230.87</span>% of the average value of its portfolio.</div> Portfolio Turnover. 2.3087 PRINCIPAL INVESTMENT STRATEGIES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of current income and real return by investing other investment companies, including mutual and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”) or making direct investments in equity securities based upon institutional research. The Fund may invest in Master Limited Partnerships (“MLPs”), Real Estate Investment Trusts (“REITs”), Limited Partnerships, convertible fixed income securities, and large capitalization equity securities, including preferred stocks, that the Advisor believes will generate income.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The investments of the Fund and Portfolio Funds will be comprised primarily of domestic and foreign (including emerging markets) fixed income securities, principally consisting of bonds, corporate debt securities, and government securities. Such investments will frequently include high yield corporate bonds (or “junk bonds”). The Fund will invest a significant amount (generally at least 40%, and, often, greater than 80%) of its assets in securities that are rated below investment grade at the time of investment. The Fund and Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including bonds of issuers in default. The Fund and Portfolio Funds will invest in inverse high yield investments (which attempt to short high yield or “junk” bonds) to provide a hedge to the portfolio during negative credit events, such as when an increase in the default rates of any of the U.S. high yield sectors occurs or when there is an increase in the high yield bond spread. A high yield bond spread is the percentage difference in current yields of various classes of high-yield bonds compared to investment-grade corporate bonds or another benchmark bond measure. The inverse high yield investments that the Fund and Portfolio Funds may invest in are exchange-traded funds (“ETFs”) that provide inverse exposure to high yield or “junk” bond markets. The Fund and Portfolio Funds do not have an established average portfolio duration and the average portfolio durations will vary. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value. The Fund and Portfolio Funds will not be limited in their investments by sector criteria. The Portfolio Funds in which the Fund invests will have an investment objective similar to the Fund’s or will otherwise hold permitted investments under the Fund’s investment policies. Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, comparative indicators relative to certain indices and a recession model (a model that measures the probability of a recession within the next several months based on leading economic indicators). When the Advisor’s model indicates a negative market trend, the Fund may hedge the Fund’s portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (“ETNs”), and leveraged and inverse ETFs. The leveraged ETFs hedge the Fund’s portfolio by offsetting equity allocations without need to sell the long equity positions. The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced due to increases or decreases in the Fund’s net assets. Decisions by the Advisor to sell other portfolio securities will be based upon the Advisor’s research. The Advisor will analyze various high yield investments based on performance expectations vs benchmark. The Advisor may opportunistically invest a portion of the portfolio that the Advisor believes may outperform the benchmark. The Advisor’s analysis includes dividend payments, and macroeconomic factors such as inflation expectations, interest rates, equity sector analysis, and the political environment. Under certain market conditions such as when corporate bankruptcies are increasing or when corporate fundamentals are decreasing, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transaction costs and taxes.  Portfolio turnover will not be a limiting factor in making investment decisions.</div> PRINCIPAL RISKS OF INVESTING IN THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund.  Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.  There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency The Fund will be subject to the following principal risks:</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fixed Income Risk.</span>  When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Interest rates are currently at historical lows, which may impact the Fund’s risk profile. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Leveraged and Inverse ETF Risk</span>. Investing in leveraged ETFs will amplify the Fund’s gains and losses.  Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Convertible Securities Risk.</span>  Convertible securities are fixed income securities that the Fund or a Portfolio Fund has the option to exchange for equity securities at a specified conversion price.  The option allows the Fund or a Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price.  Convertible securities have lower yields than comparable fixed income securities and may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Corporate Debt Securities Risk.</span>  The Fund and Portfolio Funds may invest in corporate debt securities.  Corporate debt securities are fixed income securities issued by businesses.  Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities.  The credit risks of corporate debt securities vary widely among issuers.  In addition, the credit risk of an issuer’s debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Equity Securities Risk. </span>Investments by the Fund and Portfolio Funds in equity securities may fluctuate in value in response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">MLPs Risk. </span>An investment in MLPs involves risk that differ from a similar investment in equity securities, such as common stock, of a corporation. Holders of equity securities issued by MLPs have the rights typically afforded to limited partners in a limited partnership. As compared to common shareholders of a corporation, holders of such equity securities have more limited control and limited rights to vote on matters affecting the partnership. In addition, certain MLPs in which the Fund may invest depend upon their parent or sponsor entities for the majority of their revenues. If their parent or sponsor entities fail to make such payments or satisfy their obligations, the revenues and cash flows of such MLPs and ability of such MLPs to make distributions to unit holders, such as the Fund, would be adversely affected.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Hedging Risk</span>.<span style="font-weight: bold;"> </span>Techniques used by Advisor to hedge the Fund’s investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund’s participation in market gains. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains. They also may not be successful as the techniques are subject to the Advisor’s ability to correctly analyze and implement the hedging techniques in a timely manner.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cash and Cash Equivalents Risk</span>. At any time, the Fund may have significant 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.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span>  The Advisor will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.  High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.  Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Preferred Equity Risk</span>.  Preferred equity's right to dividends and liquidation proceeds is junior to the rights of a company's debt securities. The value of preferred equity may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company's creditworthiness. The value of preferred equity tends to vary more with fluctuations in the underlying common equity and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred equity may suffer a loss of value if dividends are not paid and have limited voting rights.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">REIT Risk.</span> Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in exchange-traded funds (“ETFs”) may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of the ETFs in the Fund’s portfolio.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETN Risk</span>. Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect.  ETNs also are subject to issuer and fixed-income risk.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.  </span>Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses.  The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk. </span>The Portfolio Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund. The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time. The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Foreign Securities and Emerging Markets Risk.</span>  Foreign securities have investment risks different from those associated with domestic securities.  The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.  There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.  In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.  Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.  In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">High-Yield Risk.</span>  The Fund and Portfolio Funds may invest in junk bonds, including bonds of issuers in default, and other fixed income securities that are rated below investment grade.  Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.  Credit risk is greater for junk bonds, particularly for bonds of issuers in default, than for investment grade bonds, which is the risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher-grade securities.  The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.  Additionally, these instruments are unsecured and may be subordinated to other creditor’s claims.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Inflation Risk.</span>  Fixed income securities held by the Fund and Portfolio Funds are subject to inflation risk.  Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.  This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund’s portfolio.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Interest Rate Risk.</span>  Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Fund and Portfolio Funds or may fall resulting in an increase in the value of such securities. Interest rates are currently at historic lows due to the various federal government stimulus programs as a result of the COVID-19 pandemic. Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Quantitative Risk.  </span>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. <span style="-keep: true">The </span>outbreak of<span style="-keep: true"> an</span> infectious respiratory illness caused by a novel coronavirus known as COVID-<span style="-keep: true"> </span>has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Large-Cap Securities Risk.</span>  Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z39c60626ba2242788fefd04f448eb31c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at<span style="-keep: true"> net asset value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z1fef0ed1899f4f85a303e7a33a241fbf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<span style="-keep: true"> Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Shares and the value of the Shares, which would be reflected in a wider bid-ask spread.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z727b140fc234458f92612908d77bdc80" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="ze3948e15038141ca811562ccc640036d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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.<span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares.</span> There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true">, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z5b14655c71e74a218fbc32d83d92173d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zf58f10605f244d6da444058bb888d708" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zcc600b17aaea4c1195eb61611f097083" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the Shares may deviate from the <span style="-keep: true">NAV</span>, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the <span style="-keep: true">NAV</span>, which is reflected in the bid and ask price for Shares or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2f08036e685c466990dcd8525519210a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen</span>.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z851b4d41e4a547cfb9fb6b6f44a31170" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> </td> </tr> </table> </div><div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency PERFORMANCE INFORMATION <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Hedged High Income Fund, a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on November 12, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for Shares. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund.  Prior to July 31, 2015, the Fund had a different investment advisor. The Fund changed its investment strategy effective October 1, 2020. The performance information set forth below reflects the historical performance of the Predecessor Fund’s Institutional Class shares<span style="font-style: italic;">.</span>  The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/AHHX</span>.</div> The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns of the Fund compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/AHHX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="-keep: true">D</span>uring the periods shown in the bar chart above, the Fund’s highest quarterly return was 7.12% (quarter ended March 31, 2017), and the Fund’s lowest quarterly return was 8.89% (quarter ended March 31, 2020).  The Fund’s year-to-date return as of June 30, 202<span style="-keep: true">2</span>, was <span style="-keep: true">-17.28</span>%.</div> highest quarterly return 0.0712 2017-03-31 lowest quarterly return 0.0889 2020-03-31 year-to-date return 2022-06-30 -0.1728 Average Annual Total Returns Periods Ended December 31, 2021 2012-09-20 2012-09-20 Before taxes 0.0293 0.0523 0.0462 After taxes on distributions 0.0198 0.0416 0.031 After taxes on distributions and sale of shares 0.0173 0.0385 0.0301 Bloomberg Capital Global High-Yield Index (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.0099 0.0521 0.0519 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). RH Hedged Multi-Asset Income ETF Investment Objective <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The <span style="font-weight: bold;">RH Hedged Multi-Asset Income ETF</span> (the “Fund”) seeks total return through a combination of capital appreciation and current income.</div> Fees and Expenses of the Fund <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.008 0.0091 0.0028 0.0199 -0.0086 0.0113 Restated to reflect current contractual fees. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements , which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 2023-09-30 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 30, 202<span style="-keep: true">3</span>. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 115 115 541 541 993 993 2248 2248 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">  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.  For the fiscal year ended May 31, 202<span style="-keep: true">2</span>, the Fund’s portfolio turnover rate was <span style="-keep: true">225.13</span>% of the average value of its portfolio.</div> Portfolio Turnover. 2.2513 Principal Investment Strategies <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of total return by investing in other investment companies, including mutual funds and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”) or by making direct investments. The Fund’s portfolio will consist of a mix of direct and indirect investments through Portfolio Funds and each may be all of the Fund’s portfolio or none of the Fund’s portfolio at any given time. The Fund’s fixed income investments, both direct and indirect through Portfolio Funds, may include mortgage backed securities, asset backed securities, commercial mortgage backed securities, non-agency mortgage backed securities, corporate investment grade securities, convertible securities, high yield-high risk bonds (commonly known as “junk bonds”), securities issued or guaranteed by certain U.S. Government agencies, instrumentalities and sponsored enterprises, exchange traded notes (“ETNs”) and global debt securities. The Fund’s equity investments, both direct and indirect through Portfolio Funds, may include dividend paying equity securities, real estate investment trusts (“REITs”), and preferred securities. The Fund’s equity investments will not be limited by sector criteria or market capitalization. The Fund’s allocation of its assets into various asset classes will depend on the views of the Advisor as to the best value relative to what is currently presented in the marketplace.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund will invest in fixed income securities of any maturity and any credit rating, including below investment grade securities (commonly referred to as “junk”). The below investment grade securities will include corporate bonds, securities of issuers in default, unrated securities, mortgage-backed securities, and asset-backed securities. The Fund’s fixed income investments will also include commodity based ETNs. The fixed income securities in which the Fund invests do not have an established average portfolio duration and the average portfolio durations will vary. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value. The Fund will not be limited in its investments by sector criteria, and may invest in foreign securities, including foreign securities in emerging markets.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, comparative indicators relative to certain indices and a recession model (a model that measures the probability of a recession within the next several months based on leading economic indicators). The Advisor utilizes research and valuation metrics to determine which fixed income asset classes have the greatest potential for producing positive performance and income, with a focus on capturing upside performance while protecting against loss. Valuation metrics are measures of a company’s performance, financial health and prospects for future earnings by comparing the market’s opinion (share price) to actual reported earnings to help predict a company’s prospects. The fixed income Portfolio Funds are selected based on liquidity, cost, and tracking error (degree to which an ETF that is not actively managed follows its index). The dividend paying equity securities are selected based on dividend yield and diversification. The preferred securities and REITs are selected based on their yield relative to traditional fixed income sectors. When the Advisor’s model indicates a negative market trend, the Fund may hedge the Fund’s portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (“ETNs”), and leveraged ETFs (ETFs that seek to deliver multiples of the performance of the index or benchmark they track) and inverse ETFs (ETFs that<span style="font-weight: bold;"> </span>seek to deliver the opposite of the performance of the index or benchmark they track). The leveraged ETFs hedge the Fund’s portfolio by offsetting equity allocations without need to sell the long equity positions. The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor will sell a portfolio security when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced due to increases or decreases in the Fund’s net assets. The Advisor identifies attractive investment opportunities based on its research, which includes the relative value of income producing assets and asset classes. In making its determination, the Advisor will analyze the performance, correlations, drawdowns (a measure of a peak-to-trough decline during a specific period for an investment), up and down capture (a statistical measure of overall performance in up and down markets), fees and expenses, and dividend or income payments of securities.  The Fund may invest up to 15% of its net assets in illiquid investments.</div> Principal Risks of Investing in the Fund <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund will be subject to the following principal risks:</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk. </span>Mortgage-backed securities risk refers to the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. These risks may be heightened for the below investment grade mortgage-backed securities in the Fund’s or a Portfolio Fund’s portfolio. The liquidity of mortgage-backed securities can change significantly over time.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Asset-Backed Securities Investment Risk. </span>Asset-backed securities risk is the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Rating Agencies Risk. </span>Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Liquidity Risk</span>. Liquidity risk exists when particular investments would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.</span> Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses. The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor’s ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk.</span> The Portfolio Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of ETFs in the Fund’s portfolio.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETN Risk</span>. Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect.  ETNs also are subject to issuer and fixed-income risk.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Commodities Risk.  </span>The Fund and Portfolio Funds may have exposure to the commodities markets, subjecting the Fund to risks not associated with investments in traditional securities.  The value of commodities related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, including drought, floods, weather, livestock disease, embargoes, and tariffs. The prices of industrial metals, precious metals, agriculture, and livestock commodities may fluctuate widely due to changes in value, supply and demand, and governmental regulatory policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Credit Risk. </span>Credit risk refers to the risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social, or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower-quality debt securities (commonly known as “junk bonds”) tend to be particularly sensitive to these changes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fixed Income Risk.</span>  The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Interest rates are currently at historical lows, which may impact the Fund’s risk profile. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">High-Yield Risk.</span>  The Fund and Portfolio Funds may invest in junk securities, including securities of issuers in default, below investment grade mortgage-backed securities and asset-backed securities, and other fixed income securities that are rated below investment grade. Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.  Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher<span style="-keep: true">-</span>grade securities.  The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.  Additionally, these instruments are unsecured and may be subordinated to other creditor’s claims.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Leveraged and Inverse ETF Risk</span>. Investing in leveraged ETFs will amplify the Fund’s gains and losses.  Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Hedging Risk</span>.<span style="font-weight: bold;"> </span>Techniques used by Advisor to hedge the Fund’s investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund’s participation in market gains. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains. They also may not be successful as the techniques are subject to the Advisor’s ability to correctly analyze and implement the hedging techniques in a timely manner.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Inflation Risk.</span>  Fixed income securities are subject to inflation risk.  Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.  This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund’s portfolio.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Interest Rate Risk.</span>  Interest rates may rise resulting in a decrease in the value of fixed income securities or may fall resulting in an increase in the value of such securities. Interest rates are currently at historic lows due to the various federal government stimulus programs as a result of the COVID-19 pandemic. Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cash and Cash Equivalents Risk</span>. At any time, the Fund may have significant 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.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Convertible Securities Risk.</span>  Convertible securities are fixed income securities that the Fund or a Portfolio Fund has the option to exchange for equity securities at a specified conversion price.  The option allows the Fund or a Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price.  Convertible securities have lower yields than comparable fixed income securities and may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Corporate Debt Securities Risk.</span>  Corporate debt securities are fixed income securities issued by businesses.  Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities.  The credit risks of corporate debt securities vary widely among issuers.  In addition, the credit risk of an issuer’s debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">REIT Risk.</span> Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Foreign Securities and Emerging Markets Risk.</span>  Foreign securities have investment risks different from those associated with domestic securities.  The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.  There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.  In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.  Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.  In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Quantitative Risk.  </span>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. <span style="-keep: true">The </span>outbreak of <span style="-keep: true">an </span>infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">LIBOR Risk. </span>Certain of the Fund’s or Portfolio Funds’ investments may be based on floating rates, such as LIBOR. LIBOR, or the London Interbank Offered Rate, is a benchmark that dictates daily interest rates on loans and financial instruments globally. Plans are underway to phase out the use of LIBOR by the end of 2021, which indicates the continuation of LIBOR and other reference rates on the current basis cannot and will not be guaranteed after 2021. Any replacement rate chosen may be less favorable than the current rates. Until the announcement of the replacement rate, the Fund may continue borrow under the Credit Facilities at rates that reference LIBOR and invest in Underlying Funds that may hold underlying assets referencing LIBOR or otherwise use LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund’s investments and/or the Fund’s Credit Facilities cannot yet be determined.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund or Portfolio Funds may decline due to daily fluctuations in the market.  Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Preferred Equity Risk. </span> Preferred equity’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred equity may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred equity tends to vary more with fluctuations in the underlying common equity and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred equity may suffer a loss of value if dividends are not paid and have limited voting rights.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">U.S. Government Securities Risk. </span>U.S. government securities risk refers to the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z165bd977145a4cea96231a4759d4f639" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at<span style="-keep: true"> net asset Value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0db0e3a450dd49e58b345711efabd591" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<span style="-keep: true"> Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Shares and the value of the Shares, which would be reflected in a wider bid-ask spread.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd1459a81cce748f790014dc4ea5d9547" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z74e90b5b21f34d498224f143c56ecedd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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. <span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares. </span>There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true">, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zf54688d7c8b94422992e162efe2d0e51" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z97988719da264e1ea1850393531869ab" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="ze9e58b225f664bf7934d033aebd45634" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the Shares may deviate from the <span style="-keep: true">NAV</span>, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the <span style="-keep: true">NAV</span>, which is reflected in the bid and ask price for Shares or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zc03cfb1415664c858d532a2e2060d8b5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen</span>.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zb15b414380124710bd205a9cf219db33" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen</span>.</div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Hedged Multi-Asset Income Fund (formerly, Adaptive Hedged Income Fund), a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on November 12, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for Shares. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s Institutional Class shares<span style="font-style: italic;">.</span>  Prior to July 31, 2015, the Fund had a different investment advisor. The Fund changed its investment strategy and removed its sub-adviser effective October 1, 2020. The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/AMAX</span>.</div> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/AMAX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">During the periods shown in the bar chart above, the Fund’s highest quarterly return was 5.03% (quarter ended June 30, 2020), and the Fund’s lowest quarterly return was <span style="-keep: true">-</span>7.56% (quarter ended March 31, 2020). The Fund’s year-to-date return as of June 30, 202<span style="-keep: true">2,</span> was -<span style="-keep: true">9.40</span>%.</div> highest quarterly return 0.0503 2020-06-30 lowest quarterly return -0.0756 2020-03-31 year-to-date return 2022-06-30 -0.094 Average Annual Total Returns Periods Ended December 31, 2021 2009-10-02 2009-10-02 Before taxes 0.0065 0.0299 0.0285 0.0263 After taxes on distributions -0.0073 0.0169 0.0179 0.0164 After taxes on distributions and sale of shares 0.0045 0.0192 0.0186 0.0171 Bloomberg Capital U.S. Aggregate Bond Index (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.0154 0.0357 0.029 0.0352 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). RH TACTICAL OUTLOOK ETF INVESTMENT OBJECTIVES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The <span style="font-weight: bold;">RH Tactical Outlook ETF</span> (the “Fund”) seeks total return through a combination of capital appreciation and current income, </div> with a secondary goal of downside protection. FEES AND EXPENSES OF THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.01 0.0101 0.0013 0.0214 -0.0075 0.0139 “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 2023-09-30 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">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 redeem (or you hold) all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 30, 202<span style="-keep: true">3</span>. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 142 142 598 598 1080 1080 2413 2413 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">  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.  For the fiscal year ended May 31, 202<span style="-keep: true">2</span>, the Fund’s portfolio turnover rate was <span style="-keep: true">120.07</span>% of the average value of its portfolio.</div> Portfolio Turnover. 1.2007 PRINCIPAL INVESTMENT STRATEGIES <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Fund seeks to achieve the Fund’s investment objective of total return by investing in exchange traded funds (“ETFs”) that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (together, the “Portfolio Funds”).</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The strategy will follow an asset allocation strategy under which the Advisor selects ETFs that invest in equity securities and fixed income securities. The equity securities consist of primarily U.S. large cap, mid cap, and small cap securities. The fixed income securities will be primarily investment grade and may be of any duration and maturity, although, the Advisor expects that most will be short to medium term (maturity of 1-10 years) fixed income securities. The Advisor selects individual ETFs based on their performance track record, portfolio manager views on the underlying investments, and risk/return analysis of the ETF against a comparable benchmark.  The asset allocation strategy of the Fund deploys the Fund’s assets among equity and fixed income securities based on the Advisor’s internal technical and economic fundamental research. Economic fundamental research focuses on macroeconomic factors (e.g. economy and industry conditions). The Fund may invest 0-100% of its assets in equity and in fixed income securities based on the optimal allocation suggested by the Advisor’s research. The Fund may also invest in ETFs that invest in alternative investments, which will consist primarily of Real Estate Investment Trusts (“REITs”), limited partnerships, commodities, long/short equity, or global macro strategies to hedge the equity and fixed income investments with 0-20% of Fund assets.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Portfolio Funds will not be limited in their investments by market capitalization or sector criteria. The selection of equity ETFs is based on how well the ETF tracks an index for large cap securities (S&amp;P 500), mid cap securities (S&amp;P Mid Cap 400), and small cap securities (Russell 2000). The selection of fixed income ETFs is based on how well the ETF tracks an index for short to intermediate US Treasuries, or the Bloomberg Barclays US Aggregate Bond Index. The Portfolio Funds in which a portfolio manager invests will have an investment objective similar to the Fund’s or will otherwise hold permitted investments under the Fund’s investment policies set forth in this prospectus.  Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, a portfolio manager is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced based on the Advisor’s internal technical and economic fundamental research. The Advisor’s research includes relative value of a security compared to other securities with similar market capitalization and equity style. The Advisor may opportunistically invest a portion of the portfolio that the advisor believes may outperform the benchmark based on its analysis of macroeconomic factors such as inflation expectations, interest rates, equity sector analysis, and the political environment. As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transaction costs and taxes. Portfolio turnover will not be a limiting factor in making investment decisions.</div> PRINCIPAL RISKS OF INVESTING IN THE FUND <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, you may lose money by investing in the Fund. The Fund will be subject to the following principal risks:</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Common Stock Risk.  </span>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund or Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.  Such price fluctuations subject the Fund to potential losses.  During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk.</span>  The Portfolio Funds each have their own unique investment objective, strategies, and risks.  There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds.  The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Equity Securities Risk.  </span>Investments by the Portfolio Funds in equity securities may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of ETFs in the Fund’s portfolio.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.  </span>Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses.  The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fixed Income Risk.</span>  The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Interest rates are currently at historical lows, which may impact the Fund’s risk profile. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">REIT Risk.</span> Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Commodities Risk.  </span>The Fund and Portfolio Funds may have exposure to the commodities markets, subjecting the Fund to risks not associated with investments in traditional securities.  The value of commodities related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, including drought, floods, weather, livestock disease, embargoes, and tariffs.  The prices of industrial metals, precious metals, agriculture, and livestock commodities may fluctuate widely due to changes in value, supply and demand, and governmental regulatory policies.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Large-Cap Securities Risk.  </span>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.  Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span>  The Advisor will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.  High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.  Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Small-Cap and Mid-Cap Securities Risk.</span>  The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.  Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.  Securities of these types of companies have limited market liquidity, and their prices may be more volatile.  You should expect that the value of the Shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. <span style="-keep: true">The </span>outbreak of <span style="-keep: true">an </span>infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za69b6e0f4573476e9d3ce2cc59799c99" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at<span style="-keep: true"> net asset value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0d1b489296db4ddaab3df3db2fabb29a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<span style="-keep: true"> Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Shares and the value of the Shares, which would be reflected in a wider bid-ask spread.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2e29efa4c0be4ad793ddda71d66b1e13" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z88afa11a6efb42e88135bf3c7734cb2a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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. <span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares. </span>There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true">, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z423e82a5522b4a47801663714936f0de" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0fbf9550529545f78a0bf1d519118967" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z53e50626246d4f3f9dbc00dce828fd5b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the Shares may deviate from the <span style="-keep: true">NAV</span>, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the Fund’s net asset value, which is reflected in the bid and ask price for Shares or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zc7a2822b5b474e9fadab7005fa09827b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z44c008264a2a4ded9025febe5d2615b4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE INFORMATION <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns for the Fund compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Tactical Outlook Fund (formerly, Adaptive Tactical Economic Fund), a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on November 5, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for Shares. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s Institutional Class shares<span style="font-style: italic;">.</span> Prior to July 31, 2015, the Fund had a different investment advisor. The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/RHTX</span>.</div> The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns for the Fund compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/RHTX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">During the periods shown in the bar chart above, the Fund’s highest quarterly return was 11.55% (quarter ended December 31, 2020), and the Fund’s lowest quarterly return was<span style="-keep: true"> -</span>20.67% (quarter ended March 31, 2020).  The Fund’s year-to-date return as of June 30, 202<span style="-keep: true">2,</span> was <span style="-keep: true">-21.00</span>%.</div> highest quarterly return 0.1155 2020-12-31 lowest quarterly return -0.2067 2020-03-31 year-to-date return 2022-06-30 -0.21 Average Annual Total Returns Periods Ended December 31, 2021 2012-09-20 2012-09-20 Before taxes 0.2134 0.1041 0.0848 After taxes on distributions 0.2134 0.0916 0.0737 After taxes on distributions and sale of shares 0.1264 0.0769 0.0635 Morningstar Moderate Aggressive Target Risk TR Index (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.1416 0.1201 0.0996 <div style="margin: 6pt 0px; line-height: 11.4pt; text-align: justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).  After-tax returns are shown for only one class of Shares and after-tax returns will vary for other classes.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are shown for only one class of Shares and after-tax returns will vary for other classes. RH Tactical Rotation ETF Investment Objective <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The <span style="font-weight: bold;">RH Tactical Rotation ETF</span> (the “Fund”)<span style="font-weight: bold;"> </span>seeks capital appreciation.</div> Fees and Expenses of the Fund <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.01 0.0074 0.0009 0.0183 -0.0049 0.0134 “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 2023-09-30 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 30, 2023. </div> Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 136 136 528 528 945 945 2108 2108 <div style="text-align: justify; line-height: 11.4pt; margin-top: 10pt; margin-bottom: 6pt;">  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.  For the fiscal year ended May 31, 2022, the Fund’s portfolio turnover rate was <span style="-keep: true">29.36</span>% of the average value of its portfolio.</div> Portfolio Turnover. 0.2936 Principal Investment Strategies <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of capital appreciation by investing in exchange-traded funds (“ETFs”) that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”). The Fund will not generally invest in individual portfolio securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="-keep: true">The Advisor splits the Fund’s portfolio into two segments: core and opportunistic. For the core segment of the Fund’s strategy, the</span> Advisor utilizes sector rotation strategies that attempt to capitalize on changes in the business cycle. The investments of the Portfolio Funds will generally be comprised of equity securities <span style="-keep: true">listed on the S&amp;P 500 Index and</span> principally consisting of common stock, preferred stock, and convertible preferred stock of any market capitalization. The Advisor will balance the Fund’s Portfolio Funds around these core equity holdings.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, and comparative indicators relative to certain indices.  When the Advisor’s model indicates a negative market trend, the Fund may hedge the Fund’s portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (“ETNs”), and leverage and inverse ETFs. The leveraged ETFs hedge the Fund’s portfolio by offsetting equity allocations without need to sell the long equity positions. The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The opportunistic segment <span style="-keep: true">of the Fund’s portfolio</span> consists of an allocation to large cap growth and/or large cap value<span style="-keep: true"> </span><span style="-keep: true"> E</span><span style="-keep: true">TFs. </span>The allocation is determined by the Advisor’s model, which considers relative historical performance between the <span style="-keep: true">S&amp;P 500 Growth Index</span> and <span style="-keep: true">the S&amp;P 500 Value Index</span>, and <span style="-keep: true">momentum of the relative historical performance of the S&amp;P 500 Growth Index and S&amp;P 500 Value Index to determine</span> the relative value between <span style="-keep: true">U.S. large cap growth and U.S. large cap value securities.  The S&amp;P 500 Growth Index is a sub-set of the S&amp;P 500 Index that includes growth stocks, which it measures using three factors:  sales growth, the ration of earnings change to price, and momentum.  The S&amp;P 500 Value Index is a sub-set of the S&amp;P 500 Index that includes value stocks, which are meaursed using three factors:  the ratios of book value, earnings, and sales to price. </span></div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">The Portfolio Funds in which the Fund invests will have an investment objective similar to the Fund’s or will otherwise track particular market sectors. Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees. <span style="-keep: true">The</span> Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transactions costs and higher taxes. Portfolio turnover will not be a limiting factor in making investment decisions.</div> Principal Risks of Investing in the Fund <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The loss of your money is a principal risk of investing in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund will be subject to the following principal risks:</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Common Stock Risk.  </span>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Portfolio Fund to potential losses.  During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Control of Portfolio Funds Risk.</span>  The Portfolio Funds each have their own unique investment objective, strategies, and risks.  There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds.  The investment policies of the Portfolio Funds may differ from the Fund’s policies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Equity Securities Risk.  </span>Investments by the Portfolio Funds in equity securities may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Leveraged and Inverse ETF Risk. </span>Investing in leveraged ETFs will amplify the Fund’s gains and losses. Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Investing Risk.</span>  The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of ETFs in the Fund’s portfolio.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.  The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.  The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Fund Investing Risk.  </span>Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses.  The Fund’s performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETN Risk. </span>Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect. ETNs also are subject to issuer and fixed-income risk.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Investment Advisor Risk.  </span>The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Large-Cap Securities Risk.  </span>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Market Risk.  </span>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span>  The Advisor will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.  High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Quantitative Risk.  </span>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Small-Cap and Mid-Cap Securities Risk.</span>  The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.  Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.  Securities of these types of companies have limited market liquidity, and their prices may be more volatile.  You should expect that the value of the Portfolio Fund’s shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Convertible Securities Risk.</span>  Convertible securities are fixed income securities that the Fund or a Portfolio Fund has the option to exchange for equity securities at a specified conversion price.  The option allows the Fund or a Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price.  Convertible securities have lower yields than comparable fixed income securities and may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Preferred Equity Risk. </span> Preferred equity’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred equity may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred equity tends to vary more with fluctuations in the underlying common equity and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred equity may suffer a loss of value if dividends are not paid and have limited voting rights.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">COVID-19 Risk</span>. The outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Authorized Participant Risk</span><span style="font-weight: bold; font-style: italic;">. </span>Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold;">ETF Structure Risks</span>. The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z6eb393f2bde945519cfb84943432e6b2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Not Individually Redeemable</span>. Shares are not individually redeemable and may be redeemed by the Fund at <span style="-keep: true">net asset value (“</span>NAV<span style="-keep: true">”)</span> only in large blocks known as “Creation Units.”  You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7980d1b805034071943ce252b7a07ffb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Trading Issues</span>. 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<span style="-keep: true"> Any absence of an active trading market, in turn, lead to a heightened risk of a difference between the market price of the Shares and the value of the Shares, which would be reflected in a wider bid-ask spread.</span></div> </td> </tr> </table> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3ca56cfbb3c24cb3baf7d5a9c8b541bb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table><div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z93594bca1576431185b2f84b2ef5336c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right;"> <div style="margin-left: 18pt; line-height: 11.4pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;"><span style="font-style: italic;">Market Price Variance Risk</span>. The market prices of Shares will 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.<span style="-keep: true"> A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF’s shares.</span> There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV<span style="-keep: true">, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zaf97c560410a4caa92cf903a9b4d1566" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z112bbc1a01954a60994088620859f4fc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z109861f8c5204600b5c48003b235f480" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">The market price for the Shares may deviate from the <span style="-keep: true">NAV</span>, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the <span style="-keep: true">NAV,</span> which is reflected in the bid and ask price for Shares or in the closing price.</div> <div style="text-align: justify; line-height: 11.4pt;"> <br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z9eea8173d20e4ea7852b32b2751b3be9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> <div style="text-align: justify; line-height: 11.4pt;"> <span style="-keep: true"><br/></span> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z8b5996db48f14fb7aa47c8a5538e79d4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 54pt; vertical-align: top; align: right;"> <div style="margin-left: 36pt; line-height: 11.4pt;">◾</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt;">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the <span style="-keep: true">NAV, and the bid-ask spread could widen.</span></div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;"><span style="font-weight: bold;">Early Close/Trading Halt Risk</span>. An exchange or market may close 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.</div> The loss of your money is a principal risk of investing in the Fund. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Adaptive Tactical Rotation Fund, a series of Starboard Investment Trust (the “Trust”), (the “Predecessor Fund”) in a tax-free reorganization on November 5, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares were exchanged for Shares. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s Institutional Class shares<span style="font-style: italic;">.</span> Prior to July 31, 2015, the Fund had a different investment advisor.<span style="-keep: true"> The Fund changed its investment strategy effective October 1, 2022.</span> The performance information set forth below does not reflect the Fund’s current strategy or ETF structure. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">https://etfpages.com/RHRX</span>.</div> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/RHRX Calendar Year Returns <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">During the periods shown in the bar chart above, the Fund’s highest quarterly return was 10.58% (quarter ended December 31, 2020] and the Fund’s lowest quarterly return was<span style="-keep: true"> -</span>19.76% (quarter ended March 31, 2020).  The Fund’s year-to-date return as of June 30, 2022, was <span style="-keep: true">-20.89</span>%.</div> highest quarterly return 0.1058 2020-12-31 lowest quarterly return -0.1976 2020-03-31 year-to-date return 2022-06-30 -0.2089 Average Annual Total Returns Periods Ended December 31, 2021 2012-09-20 2012-09-20 Before taxes 0.1892 0.0789 0.0771 After taxes on distributions 0.1892 0.0698 0.0658 After taxes on distributions and sale of shares 0.112 0.0599 0.0573 Morningstar Moderate Aggressive Target Risk TR Index (reflects no deductions for fees and expenses) reflects no deductions for fees and expenses 0.1416 0.1201 0.0996 <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="line-height: 11.4pt;"><br/></span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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http://www.nottingham.com/20220928/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact ck0001464413_S000072157Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ false 2022-05-31 485BPOS 0001464413 Cavalier Investments, LLC d/b/a Adaptive Investments, the investment advisor to the Fund (the “Advisor”), has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) to not more than 0.95% of the average daily net assets of the Fund. Net annual operating expenses for the Fund may exceed these limits to the extent that it incurs expenses enumerated above as exclusions. The expense limitation agreement runs through September 30, 2023, and may be terminated by the Board at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement. Restated to reflect current contractual fees. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Restated to reflect current contractual fees. Cavalier Investments, LLC d/b/a Adaptive Investments, the investment advisor to the Fund (the “Advisor”), has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 0.60% of the average daily net assets of the Fund. Net annual operating expenses for the Fund may exceed these limits to the extent that it incurs expenses enumerated above as exclusions. The expense limitation agreement runs through September 30, 2023, and may be terminated by the Board at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Restated to reflect current contractual fees. Cavalier Investments, LLC d/b/a Adaptive Investments, the investment advisor to the Fund (the “Advisor”), has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 0.85% of the average daily net assets of the Fund. Net annual operating expenses for the Fund may exceed these limits to the extent that it incurs expenses enumerated above as exclusions. The expense limitation agreement runs through September 30, 2023, and may be terminated by the Board at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement. Cavalier Investments, LLC d/b/a Adaptive Investments, the investment advisor to the Fund (the “Advisor”), has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund. Net annual operating expenses for the Fund may exceed these limits to the extent that it incurs expenses enumerated above as exclusions. The expense limitation agreement runs through September 30, 2023, and may be terminated by the Board at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. “Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year.  The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Cavalier Investments, LLC d/b/a Adaptive Investments, the investment advisor to the Fund (the “Advisor”), has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the Fund. Net annual operating expenses for the Fund may exceed these limits to the extent that it incurs expenses enumerated above as exclusions. The expense limitation agreement runs through September 30, 2023, and may be terminated by the Board at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the expense limitation agreement.