The fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in other U.S. fixed income ETFs (“Underlying U.S. Fixed Income Funds”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes) directly or indirectly in U.S. fixed income securities. The Fund operates as a “fund of funds” and allocates its assets among Underlying U.S. Fixed Income Funds that invest in a variety of fixed income sectors, including, but not limited to, U.S. Treasuries and other debt securities issued by the U.S. Government and its agencies and instrumentalities, corporate bonds, mortgage-backed and asset-backed securities, municipal bonds and high-yield bonds.
The Fund may also invest at times in other ETFs that provide exposure to fixed-income securities of non-U.S. issuers (together with Underlying U.S. Fixed Income Funds, “Underlying Funds”), including emerging market debt securities. The Fund, however, defers to each Underlying Fund’s definition of “U.S.” and “emerging markets,” and the Underlying Funds’ definitions may differ from one another. The Fund may invest in fixed income securities of any credit quality and any maturity.
The Fund’s investment strategy is designed to provide core fixed income exposure while seeking to outperform traditional broad-based fixed income benchmarks through active management. The Fund targets a diversified allocation to Underlying Funds representing key sectors of the fixed income market, with adjustments made to reflect current market conditions, credit risk, and interest rate dynamics. The Fund’s active management approach seeks to optimize risk-adjusted returns over a full market cycle.
The EA Astoria Beacon Dynamic Core US Fixed Income ETF seeks current income.
Effective July 8, 2026, the EA Astoria Dynamic Core US Fixed Income ETF’s name changed to “EA Astoria Beacon Dynamic Core US Fixed Income ETF”. Accordingly, effective July 8, 2026, all references in the Prospectus and SAI to “EA Astoria Dynamic Core US Fixed Income ETF” are replaced with “EA Astoria Beacon Dynamic Core US Fixed Income ETF”.
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
Credit and duration targets are the most impactful decisions investors make in fixed income portfolios.
Active management in fixed income may provide potential opportunities to outperform the standard, passive approaches. There is no assurance a strategy will achieve its objective, outperform broad fixed income benchmarks, reduce risk or avoid losses. A Fund may underperform passive or broad-based fixed income strategies.
The performance data quoted represents past performance and there is no guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund is new and therefore does not have a performance history for a full calendar year as most recent quarter end.
Market Price Return is calculated using the price that investors buy and sell ETF shares in the market. The market returns in the table are based on the midpoint of the bid/ask spread at 4 p.m. EST and do not represent the returns you would have received if you traded shares at other times.
NAV return represents the closing price of the underlying securities.
The Premium/Discount shows the difference between the daily market price of the Fund ‘s shares and the Fund’s net asset value (“NAV”). The table shows the premium or discount of the midpoint price as a percentage of the NAV as well as the number of trading days the Fund traded within the given premium/discount range. The amount that the fund’s Market Price is above the reported NAV is called the premium. The amount that the fund’s Market Price is below the reported NAV is called the discount.
