The Fund is an actively managed exchange traded fund (“ETF”) that seeks to achieve the Fund’s investment objective by investing in other ETFs. The Fund will invest in (1) ETFs that seek to track the performance of the S&P 500 Index, (2) ETFs that seek to provide the daily inverse return of the S&P 500 Index, or (3) Short Term U.S. Treasury ETFs (each an “Underlying ETF” and collectively, the “Underlying ETFs”).

The adviser utilizes rules-based, quantitative methodology to determine which Underlying ETF to invest the Fund’s assets in. The adviser’s quantitative methodology considers exponential averages (measurement of trend directions over a specific time period or data set), price discovery data (process by which buyers and sellers interact to determine the fair market price of an asset or a new established price), volatility, and probability when determining to buy, sell, or hold a security. The adviser’s methodology identifies three types of trends: (1) positive, (2) negative, or (3) neutral. A positive trend occurs when the exponential average increases. When the adviser’s methodology signals a positive trend, the adviser will invest the Fund’s assets in an Underlying ETF that seeks to track the performance of the S&P 500 Index. A neutral trend occurs when either an existing positive or negative signal changes or a stop-loss is triggered. When the adviser’s methodology signals a neutral trend, the adviser will invest the Fund’s assets in Short Term U.S. Treasury ETFs. A negative trend occurs when the exponential average decreases or a stop-loss is triggered. When the adviser’s methodology signals a negative trend, the adviser will invest the Fund’s assets in an Underlying ETF that seeks to provide the inverse daily return of the S&P 500 Index. The adviser will sell an Underlying ETF when the Underlying ETF’s net asset value increases/decreases three percent from its purchase price (“stop-loss”). A stop-loss is an order placed with a broker to buy/sell a specific security once the security reaches a certain price. A stop-loss is designed to limit an investor’s loss on a security.