| Investment Objective: |
The Fund will invest at least 80% of its net assets in equity securities and option contracts that give economic exposure to equity securities of companies located in international developed markets. The Fund is an actively managed ETF that, under normal market circumstances, seeks to provide capital appreciation through participation in companies in developed countries outside of the US while limiting the potential for maximum losses. Pursuant to its investment objective, the Fund intends to invest in a diversified portfolio of equity securities (the "Equity Portfolio") that are representative of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the "Equity Portfolio Index") together with put and call option contracts (the "Options Portfolio") in an effort to reduce the potential for losses. The Fund seeks to provide a series of "floors" that each limit losses to 10% of MSCI EAFE Index losses, as measured at the end of one-year period. The Fund implements a "laddering" approach such that the Fund staggers its Options Portfolio, and therefore the sought-after protection of the floors. The Fund ladders the investment floors by purchasing put option contracts with a one-year duration that have staggered expiration dates of three-months. |
