| Investment Objective: |
The Fund is an actively managed exchange-traded fund that seeks to provide investors with income distributions and the potential to limit downside losses, as determined by the performance of common stocks (each a "Reference Asset") selected from a U.S. equity index, currently the S&P 500 Index (the U.S. Equity Index). The Fund seeks to principally invest in a laddered portfolio of over-the-counter ("OTC") swap agreements, each seeking to replicate the defined return characteristics of an autocallable note on one Reference Asset (each, an "Autocallable Instrument" and collectively, the "Autocallable Instruments"). No participation in the losses of a Reference Asset unless the losses of such Reference Asset exceed a pre-determined investment barrier, in which case the Fund will experience the losses of such Reference Asset over the duration the Autocallable Instrument on a one-to-one basis, offset by any income payments received. The Sub-Adviser selects approximately 10 companies to be the "Reference Assets," each with a corresponding Autocallable Instrument. The Sub-Adviser seeks to select the Reference Assets that produce the highest level of Coupon Payments to the Fund. The Fund will have continuous investment exposure to an Autocallable Instrument for each Reference Asset. |
