| Investment Objective: |
The Fund is an actively managed ETF. HDGE implements a fundamental, research driven security selection process based on forensic accounting techniques that short sell U.S. listed equities. HDGE seeks to identify securities with low earnings quality or aggressive accounting designed to bolster short-term corporate performance and may exhibit above-average downside volatility. HDGE may be used to hedge volatility and risk for similar long equity exposure, seeking positive returns in a declining equity market. Ranger Alternative Management, L.P. (the SubAdvisor) seeks to achieve the Fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs, exchange-traded notes (ETNs), and other exchange-traded products (collectively with ETFs and ETNs, ETPs). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in short positions in equity securities. |
