RW

RW is an actively managed exchange-traded fund ("ETF") that invests in companies that Rainwater Equity, LLC, the Fund's sub-adviser (the "Sub-Adviser"), believes are well positioned to generate durable growth and led by management teams that are focused on growing cash flow over the long term. The Fund will seek to invest globally across all market capitalizations (i.e., large-, mid-, and small- capitalization), although the Sub-Adviser expects the portfolio will consist primarily of mid- and largecapitalization companies from developed market countries, including the United States. Under normal circumstances, at least 80% of the Fund's net assets, plus any borrowings for investment purposes, will be invested in equity securities. The Fund defines "equity securities" to include common stock, preferred stock, and depositary receipts. The Fund may, from time to time, have significant exposure to one or more sectors of the market. The Fund's portfolio typically will be comprised of concentrated positions in particular companies (i.e., individual positions will frequently exceed 5% and may exceed 10% of the Fund's net assets).