Trend Aggregation U.S. ETF (TAEQ) Exchange: BATS

In pursuing the Fund’s investment objective, the Fund’s adviser will, under normal conditions, invest in equity securities of companies of any capitalization that are traded on U.S. exchanges and exchange traded funds (“ETFs”) that primarily invest in U.S. equity securities (“Equity ETFs”).   The Fund’s adviser utilizes a proprietary quantitative process to identify investment opportunities, based on strong price momentum or companies that are potentially oversold. The adviser uses multiple investment models that combine market trend and counter trend following, and market analysis across asset classes to determine when to buy, sell, or hold a security. When the adviser’s models indicate a negative market trend, the Fund will invest in money market funds and other cash equivalents. The adviser’s counter trend following models allow the adviser to identify securities experiencing short-term weakness and sell securities that are experiencing short-term strength.   The adviser’s models may also direct for investment in ETFs that invest in treasury bonds, volatility ETFs and exchange-traded notes (“ETNs”) and leveraged and inverse ETFs. The Fund may hold significant cash or fixed income positions during unfavorable market conditions and may be fully invested in equities or Equity ETFs when favorable conditions warrant. Although not anticipated, in some market conditions, it is possible that cash and fixed income positions can be the highest mathematical ranking within each model. Consequently, one or more model strategies could select being fully invested in cash or fixed income. In managing the Fund’s portfolio, the adviser will actively manage the Fund, resulting in a high portfolio turnover rate.