Tactical Allocation Fund
Formerly the Tactical Growth Fund (prior to September 28, 2026)
A Flexible, Growth-Oriented Tactical Strategy
The Fund seeks to participate meaningfully in long-term market growth while retaining the flexibility to adapt portfolio risk as market leadership changes.
Historically, the strategy has maintained meaningful equity exposure, while its tactical investment process allows the portfolio management team to reposition among areas of relative strength or reduce equity exposure when risk-adjusted opportunities deteriorate.
A Fund that Seeks to Participate. Adapt. Protect. Repeat.
Participate
The strategy has historically maintained approximately 76% average equity exposure, reflecting its long-term growth orientation.
Adapt
Portfolio allocations can shift as risk-adjusted market leadership changes across asset classes, regions, styles, and sectors.
Protect
The Fund has no minimum equity requirement, providing flexibility to reduce risk and increase defensive exposure when attractive opportunities become limited.
Repeat
The same core investment framework has been applied across more than 20 years and multiple market cycles.
A Consistent Risk-Adjusted Investment Process
- ETF Universe
The investment team evaluates a broad universe of ETFs with sufficient operating history. - Sharpe Ratio Rankings
ETFs are evaluated using proprietary risk-adjusted Sharpe Ratio rankings across multiple measurement periods. - Persistent Leadership
The process seeks to identify exposures demonstrating consistently strong risk-adjusted leadership. - Portfolio Implementation
The portfolio management team evaluates the strongest candidates based on portfolio fit, diversification, liquidity, cost, correlation, and qualitative risk considerations. - Continuous Monitoring
Rankings and portfolio exposures are evaluated regularly, allowing the Fund to reposition as market leadership and risk conditions evolve.
Portfolio Construction and Risk Management
An exposure may be added or increased when it demonstrates persistent ranking strength, improves portfolio diversification, offers appropriate liquidity and cost, and earns conviction from the portfolio management team.
An exposure may be reduced when ranking strength deteriorates, a stronger alternative emerges, or its portfolio fit weakens. When no attractive replacement is available, the Fund has the flexibility to shift toward defensive exposures.
Built for Changing Market Environments
Since the strategy’s inception in 2004, the same core process has been applied through a wide range of environments, including the Global Financial Crisis, extended equity expansions, the Q4 2018 selloff, the COVID collapse and recovery, the 2022 inflation and rising-rate environment, and subsequent changes in market leadership.
Availability
| Class | Ticker | Net Expense* | Gross Expense |
|---|---|---|---|
| A | ETFAX | 1.71% | 1.69% |
| C | ETFCX | 2.46% | 2.45% |
| I | ETFOX | 1.46% | 1.45% |
*North Square Investments, LLC, the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.30%, 1.30% and 1.30% of the average daily net assets of the Fund’s Class A, Class C and Class I shares, respectively (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2027, and it may be terminated before that date only by the Board of Trustees.
