Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities that, at the time of investment, meet the environmental, social, and governance (ESG) criteria established by Emerge Capital Management Inc. (Emerge or the Advisor).

Equity securities include common stock (including real estate investment trusts), preferred stock, securities convertible into common stock, depositary receipts, or securities or other instruments whose price is linked to the value of common stock.

The Fund’s investments may include securities of U.S. and non-U.S. issuers, including issuers located in emerging markets countries.

The Fund may invest in the securities of issuers of all capitalization sizes.

The Fund is non-diversified, which means it can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can.

The Fund is structured as a multi-manager fund (meaning the Fund’s assets are managed by multiple sub-advisors) and the Fund’s investment manager, Emerge, has overall responsibility for the Fund’s investments. The Fund’s

multi-manager structure combines a select set of Emerge’s EMPWR equity investment managers to produce a portfolio consisting of the securities of the following individual strategies employed by each sub-advisor: dividend yield, equity growth, global core, and emerging markets.

The Advisor is responsible for allocating and re-allocating the Fund’s assets among the sub-advisors and/or any investment funds in which the Fund may invest and for cash management, and for monitoring and assessing the performance of each sub-advisor. The Advisor uses asset allocation and macro-economic factors to determine the optimal combination of strategies. Each sub-advisor acts independently from the others and uses its own distinct investment style and investment process in recommending securities to buy and sell.

Emerge considers ESG factors within its securities selection process for each equity security for the Fund. Emerge assesses whether a company meets the Fund’s ESG standards based on its proprietary ESG framework. Emerge uses ESG research, ratings, and analytics from independent third-party data providers to screen investments based on ESG criteria determined by Emerge. The Fund may hold securities of issuers for which third-party data is not available. Where an issuer has not been assigned a rating by the third-party data provider, Emerge’s ESG analysis  incorporates publicly available data. Emerge has the right to change the third-party data providers that support its ESG framework at any time. In determining whether an issuer meets Emerge’s ESG investment criteria, Emerge considers: (i) negative screening criteria to eliminate certain types of issuers in light of social and environmental considerations; and (ii) governance-related risk ratings published by third party data providers, including Sustainalytics, designed to measure the degree to which a company’s economic value is at risk driven by the magnitude of a company’s unmanaged ESG risks. As of the date of this Prospectus, Emerge applies a negative screen to exclude companies for investment that derive 20% or more of their revenues from biological and chemical weapons, thermal coal extraction, gambling, adult entertainment, tobacco production, and recreational cannabis. Emerge may modify the above list of negative screens at any time, without prior shareholder approval or notice. ESG risk ratings data compiled by third-party data providers forms the basis for Emerge’s governance-related risk assessment and screening. Emerge may consider excluding, reducing or eliminating exposure to issuers with high ESG risk ratings, as determined by one or more third-party data providers.

In attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.

The Fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index.