| Investment Objective: |
The Fund is an actively-managed exchange-traded fund 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 Global Macro 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 hedge fund industry Global Macro sector. The Sub-Adviser obtains publicly reported returns and fee data for the hedge fund industry's Global Macro sector from various sources. The Sub-Adviser then seeks to create an investment portfolio with similar return characteristics as the Global Macro sector of the hedge fund industry by taking long and short positions in broad-based Underlying ETFs and futures contracts. The selection of potential investments used as algorithm inputs is determined by the Sub-Adviser's portfolio managers based upon their belief of which return factors best capture recent positioning (e.g., bonds, credit, commodities, currencies, stock sectors, company factors, country indexes). The Fund will not invest in hedge funds. The Fund will not seek to replicate the direct underlying holdings of hedge funds. |
