The Fund is an actively managed exchange traded fund (“ETF”) that seeks to achieve its investment objective by investing in equity ETFs (“Underlying Funds”). The Underlying Funds in which the Fund invests each primarily invest in (1) U.S. common, preferred, or convertible stocks, (2) foreign common, preferred, or convertible stocks; and (3) emerging market common, preferred, or convertible stocks. Underlying Funds that invest in equity securities may do so without regard to market capitalization and may invest in American Depositary Receipts (“ADRs”).

The Fund may invest in individual equity securities without regard to capitalization. The adviser considers an emerging market country to include any country that is (1) generally recognized to be an emerging market country by the international financial community, including the World Bank; (2) classified by the United Nations as a developing country; or (3) included in the MSCI Emerging Markets Index.

The Fund, under normal circumstances, will invest at least 80% of its net assets, plus any amounts of borrowing, in equity Underlying Funds, equity securities and equity-related derivatives.

In seeking to enhance the Fund’s returns, the Fund may invest up to 20% of its portfolio by investing in futures contracts on equity indexes. The Fund may also purchase options on futures contracts and Underlying ETFs.

The adviser utilizes rules-based, quantitative systems combined with discretionary analysis to measure market risk and select Underlying Funds to buy and sell for the Fund. The adviser adjusts the Fund’s equity market exposure based upon robust analysis which is supported by proprietary models as necessary. These models may utilize factors including, but not limited to, momentum and trend (e.g., price return), market structure (e.g., liquidity), volatility, cross-asset signals (e.g., correlation), seasonality, and fundamentals (e.g., earnings growth).

In pursuing the Fund’s investment objective, the adviser may engage in frequent trading of the Fund’s portfolio securities, resulting in a high portfolio turnover rate.