| Investment Objective: |
The Fund is an actively-managed exchange-traded fund ("ETF") that seeks capital appreciation. The Fund seeks to create an investment portfolio with similar return characteristics to the gross of fees returns of the hedge fund industry's Equity Long/Short sector while also targeting a volatility level approximately twice that of the sector. By incorporating higher volatility, the Fund's sub-adviser believes that the Fund's net of fees returns may outperform those of the Equity Long/Short sector. Additionally, the Fund may benefit from its comparatively lower operating expenses versus the relatively high fees and expenses charged by hedge funds. The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. The Sub-Adviser determines the recent daily and monthly gross of fees returns and volatility metrics of the hedge fund industry's Equity Long/Short sector by reviewing publicly reported returns and fee information for the sector. The Sub-Adviser determines an investment portfolio of long and short positions in Underlying ETFs and futures contracts which best match the Equity Long/Short sector's most recent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm. |
