ROPE

The fund is an actively-managed exchange-traded fund (“ETF”) that invests primarily in common stocks, but may at times seek to provide downside protection by investing up to 100% of the fund’s assets into cash or cash equivalents, depending on market conditions. Coastal Equity Management, LLC, the fund’s sub-adviser (the “Sub-Adviser”) uses a trend following approach that seeks to participate in upward trends in U.S. equity markets while providing downside protection. The fund is non-diversified.