DAK

The Dakota Active Equity ETF (the "Fund") seeks to achieve capital appreciation. The Fund is an actively ETF that seeks to achieve its investment objective by investing directly or indirectly through other ETFs in a portfolio of U.S. equity securities. The Fund may invest in an unlimited number of Underlying ETFs. The Fund invests in equity securities of U.S. companies or Underlying ETFs that provide exposure to equity securities of U.S. companies. The Fund may invest in U.S. and foreign securities, including common stocks, depositary receipts, and real estate investment trusts that have a market capitalization of greater than $5 billion. The Fund's foreign security exposure will be obtained through investments in ADRs or GDRs or through Underlying ETFs that have exposure to ADRs and GDRs. The Fund systematically adjusts its holdings using two proprietary strategies developed and run independently by the Sub-Adviser. The Sub-Adviser generally will weight individual securities according to a security's volatility. Securities with a higher volatility will have a smaller weight within the portfolio and securities with lower volatility will have a greater weight in the portfolio.