LUNC

The fund is an actively managed exchange-traded fund (“ETF”) that principally invests in equity securities of companies around the world that the fund’s sub-adviser, Longnook ETF LLC (the “Sub-Adviser”), has identified as “Misclassified Compounders” — companies with characteristics of a durable, high-quality business that are priced by the market as though they are not. It is non-diversified.