| Investment Objective: |
The Fund seeks to create an investment portfolio with similar return characteristics to the gross of fees returns of the hedge fund industry's Managed Futures sector while also targeting a volatility level approximately twice that of the sector. The Sub-Adviser determines the recent daily and monthly gross of fees returns and volatility metrics of the hedge fund industry's Managed Futures 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 Managed Futures sector's most recent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm. The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. In that case, the Fund's initial universe of Underlying ETF investments will include a broad range of primarily passively-managed ETFs. The initial universe may include, among others: Commodity ETFs that invest in commodities like oil and gold. Currency ETFs that invest in exchange rates such as the U.S. dollar index and euro. Fixed Income ETFs that invest in fixed income categories, such as treasuries, corporate bonds and high-yield bonds. |
